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.
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.*
You pay interest on the outstanding balance of your home loan. If you have money in redraw, this reduces the outstanding balance and therefore the interest payable. If you take money out of your redraw balance, this will increase your outstanding balance and you will pay interest on the higher amount.
If available on your home loan, an offset account allows you to reduce the interest charged on your loan while also giving you access to your money whenever you need it. It works like a transaction account, but it’s linked to your home loan, and reduces your outstanding balance for the purposes of calculating interest. A redraw facility isn’t an account but a feature attached to your eligible home loan.