Easily redraw your advance home loan balance
If you've been making additional repayments on your home loan above your minimum required repayment amount, Auswide Bank may allow you to redraw your advance payments~, and unlike many lenders, even on fixed rate home loans!
This simply means you have access to your 'advance balance' if you need it for unexpected bills or purchases, for home improvements, or to take advantage of an investment opportunity^.
Auswide Bank home loan redraw is available online via internet banking or on application at a branch or by completing the Redraw of Advance Funds form*.
When making a redraw request the following payment methods+ are available:
- Transfer to an Auswide Bank account
- Real Time Gross Settlement
- External Payment
Payment by bank cheque is also available when making a redraw request in writing or at a branch.
- ~the redraw facility is at Auswide Bank discretion and is subject to the terms and conditions of your loan and Auswide Bank credit criteria. Redraw is not available on all home loans.
- ~ Advance payments made during any construction or progressive drawn down period will not be available to be redrawn at any time.
- ^the most you can redraw ('redraw available') is the amount paid in advance on your loan ('advance status') minus one month's minimum loan repayment ('monthly repayment')
- any redraw will be debited to your loan account and will incur interest on the same basis as the principal owing under your loan.
- where multiple signatories are required to operate the loan, all signatories will be required to authorise. For internet banking, this will require all signatories to be registered for Internet Banking.
- *a redraw fee may apply to redraws performed at branches or upon written request.
- +Depending on the access method you choose to receive redraw funds, other fees & charges may apply
- After any redraw, Auswide Bank can change the amount of your repayments to ensure that your loan will be repaid within its agreed term
- Auswide Bank recommends borrowers seek independent accounting or taxation advice prior to redrawing advance funds on loans used for investment purposes.
Home Loans which may be eligible for redraw:
- Home Loan Plus
- Portfolio Facility Term Loan
- 'Grand-fathered home loans': Australian Home Loan, Equity Home Loan, Nationwide Home Loan, New Lend Home Loan, 'Builders Pay Deposit' Home Loan, Professional Australian Home Loan, Solutions Home Loan, Simple Variable Loan, 'You Beaut' Package Home Loan, All Purpose Loan, Essential Plus Loan, Basic Variable Loan, Loyalty Variable Loan, 'Wealth Power' Package Home Loan.
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*This information is a summary of features & benefits only - full details, including any applicable fees & charges, are available in the relevant terms and conditions.
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