Lendera founder and mortgage broker Vishesh Vasnani said the couple’s situation highlighted why it was important to understand the difference between an offset and redraw. · Source: Instagram/@vish.lendera/Vishesh Vasnani
An Aussie couple has seen $400,000 drained from their mortgage account after making an accidental “misclick”. It’s sparked a warning for Aussie mortgage holders about the importance of understanding the differences between two similar home loan products.
The couple had recently sold their investment property as they wanted to create an extra cash buffer before the birth of their child and while they were both in between jobs. The problem was, they accidentally transferred the $400,000 payout from the property sale into their redraw account instead of their offset.
The couple’s broker Vishesh Vasnani told Yahoo Finance it was a simple mistake on the…
