Help.... mortgage.
Getting fked by NAB atm. 7.76% variable on approx 320k with 24yrs left. (Recently come off fixed)
No offset or redraw.
They offered today 6.7% fixed 1yr.
I am needing to add 30k for renovations, which in total will be 50-60k. I have the cash there for all of it but don't want to use all my money... so thought do a partial cash/loan.
They suggested adding an offset.
I don't really know anything about loans but was always under the impression offsets were not good.
Purchased for $400k. Worth minimum 880k.
Thoughts? What are my options please...
u/itsnotimportantisit — 3 days ago