A redraw facility lets you access extra repayments you’ve made on your home loan. Maintaining an available redraw balance can help you reduce interest on your home loan. This could come in handy if you need some extra cash down the track.
If you've made additional repayments on your home loan, above your minimum scheduled repayments, you will be able to access these additional funds at any time.
You could use your redraw to pay for costs like renovations, unexpected family bills or that well-earned holiday.
On the home loan account screen, simply select 'Transfer Money' and follow the prompts to set up a bank transfer.
No paperwork required.
Please note, withdrawing funds from your redraw balance will mean that you will be charged more interest.