Good morning afternoon,

I recently just bought my first apartment and the initial plan was to have multiple offsets (emergency, bills, hobbies and holidays and future renovations) but I'm with UBank that also have a redraw option for variable rates.

I am also fortunate enough to have a small mortgage compared to most people (owe $337400) and can save a bit extra after essentials on a single income. The loan is small enough that it looks like it can be paid off under 30 years.

Would it be a good idea to put half of my surplus cash (after essential and bills) to my holiday/hobbies offset account and other half as extra mortgage repayments ? And if I really need the money that badly (already have emergency fund offset) I can simply redraw it.

Ideally I would like to pay the loan down ASAP, renovate the apartment (will be my forever home) and bring it to the modern era. After that find a job that I personally find cruisy and live life on easy mode since I won't need six figures anymore being mortgage free which will be the closest thing to FIRE for me.

Thanks everyone and have a nice day.

PS

I've already asked this in ausfinance and ausproperty and the general consensus was there is zero benefit and offset is the way to go. Just wanted to ask here one last time since most of you here are very financially savvy and in case I missed anyone who doesn't lurk in ausfinance and ausproperty.