Gifted $250k

Recently gifted $250k from parents - paid into our mortgage account.

Incredible, I know. We weren’t expecting it and hubby & I are stunned & beyond grateful. Looking for some advice on how best to proceed to minimise our current fortnightly expenses (as I’m on maternity leave), and maximise future savings/expendable income for school fees.

Remaining mortgage amount = $250k (would it be worth refinancing?)

Home equity = $1.25 million (home valued at approx $1.5m)

My income = $60k currently on maternity leave ($110k full time salary - but plan to remain part time unless additional income required for school fees in future. Income unlikely to increase more than standard public health sector rate)

Husbands income = $160k (expected to rise to $180-$200k within next 2yrs, capacity to continue to rise with promotions etc).

Debt = none, other than mortgage. Family car owned outright, husband has work vehicle. No credit card debt, HECS paid, etc.

Future large expense we are prioritising = PRIVATE SCHOOL FEES for 3x children (commencing 2030, 2033 & 2036). Approx $15-20k per year for EACH child currently (expecting this will increase).