VIDEO
Redraw is a simple way to access additional repayments that you have made on your home loan above the minimum required repayments, to pay for renovations or other expenses.
Once you have your home loan, you are required to make minimum repayments. If you make additional repayments above what is required and redraw is available on your home loan, these additional funds become part of your available redraw.
How does a redraw facility work? Your loan repayments may be $2000 per month. For 6 months you may have been able to pay $2200 The additional $1200 is available at the end of the 6 months as redraw to use when required.^ ^Provided the customer was not in arrears at the start of the period and that all required payments are made in accordance with the loan contract.
Benefits of redraw Any money in your redraw reduces the balance owing on your home loan. This means that you'll be paying less interest on your home loan.
Redraw can be helpful if you want to use the money at a later date - for home renovations, pay off debts like credit cards or personal loans, or to make purchases you may otherwise use a personal loan for, like a car or holiday.
How to redraw money from your loan? 1. Login in to your Online Banking account.
2. Click the three dots next to the home loan account you want to redraw from. The available balance amount is your available redraw.
3. Select 'Transfer'.
4. Then follow the prompts to transfer fund into your preferred savings account.*
*Redraw terms and conditions apply and redraw is only available for certain home loans. Redraw is subject to our approval. We may change, suspendor terminate the redraw facility at any time.
