How much is your redraw?

[Arimeh]

Feel free not to answer - I just feel bad cos I just slashed $17,000 out of my redraw facility to pay off other debts .. and its a little ... sad...

So I'm just wondering - in the estimated kind of way - what everyone else is holding in their redraw.

I'd sorta like to know what the average is, so I know whether to go and cry about my finances or know that I'm normal like other people..

[Maruschke]

$20K babe, and don't feel bad, you are doing the financially responsible thing by paying off those credit cards!!!

[Jakabella]

Hey
well we took some of our redraw a little while ago for some air con BUT before that we had huge CC debit and we had to extend our loan to pay that off.. now we have no CC's so thats cool.

SO dont feel bad at all!!

[Megan]

$15k - and it's all coming out to pay debts since I wont be working for a while. It is sad, but apart from the mortgage we will have no other debts and already pay extra off the mortgage everyweek, and if interest rates stay where they are, we'll have it all back by the end of next year. If we continued the way we are, there is no way we would have the cc and other debts paid off in that time with the high interest we are paying. Sometimes it's hard to see the big picture, but it will be worth it.

[Astrolady]

We had just under $6000 and I took $5000 out of that to get our car just before christmas so at the moment our redraw stands at about $400

[MrsFabuloso]

Not much, maybe a grand? I don't even know for sure, I don't want to look to be honest! We had to use most of it for my mat leave with DS as he was such an unexpected blessing! We probably used at least $10k for the extra time I had to have off work.

[Arimeh]

OH yayyyy Kathryn - thank YOU

I was feeling awful from all the others answers.. LOL

And yes, I know its responsible, and we no longer have two credit cards maxed out, and a car loan, and a high interest loan for the tv... but still... its sad...

ETA - thanks Kellie - you made me feel normal as well.

[DoubleK]

i dont have a mortgage.. so i dont know how it all works.. redraw- is that money that you have paid off your house, but are able to access and 're-draw' ? can you do that with any loan? or is it like a certain amount you can have access to?

[~Raven~]

ATM ours is just under $8000. Just paid rates, DH's course and a stack of other bills.

[Arimeh]

Rach - yeah its like extra money that you have - but it sits in against the money you owe so you pay less in interest payments throughout the year.

And as such - lowers the total amount of interest that you will pay over the life of your loan. And you can withdraw it at anytime.

I'm feeling so much better. Thanks guys. Thank you for telling!!

Now... just need to work on doing up a budget

[LimeSlice]

Haven't got any on a mortgage (house isnt finished yet )
But had $6000 and drew on that when I was 7.5 months pregnant and almost wrote off the car...
At the moment it is back up to just under $6000....Which if things dont improve VERY soon will get redrawn again so we can pay our rent mortgage and buy food!