Redraw is a feature on eligible home loans that allows you to withdraw any extra payments you have made on your home loan.
If you’ve paid off more than the minimum required amount on your home loan, you can make a redraw request to withdraw the extra money you’ve paid. You can use your redrawn funds for any purpose at any time and can continue to pay off your loan without extending the original term of your loan.
How to Redraw
If you haven’t registered for redraw, simply login to online banking to activate the redraw facility and you’ll be ready to redraw on your home loan when you need to without the need to complete any paper forms. Otherwise, you can complete the and drop it into any Bank of Melbourne branch, or emailed back to us at firstname.lastname@example.org.
Variable Rate Loans
For variable rate loans, amounts which you have prepaid under your agreement since your most recent repayment date cannot be redrawn until after your next scheduled repayment date has passed. However, you may not redraw an amount if it would result in the balance owing on your loan account exceeding the amount which would be owing if you had paid all scheduled repayments on time.
Fixed Rate Loans
For fixed rate loans, redraw is only available for excess funds paid into the loan during the current fixed rate period up to the value of the prepayment threshold. Amounts which you have prepaid under your agreement since your most recent monthly repayment date cannot be redrawn until after your next scheduled repayment date has passed. Any amounts paid prior to the loan being fixed cannot be redrawn. Amounts prepaid in excess of the prepayment threshold are not permitted to be redrawn. This is the case even though your statement may show these amounts as advance repayments.
How to register for Redraw
Simply login to online banking to activate and submit your request and you’ll be ready to redraw on your home loan when you need to without the need to complete any paper forms.
If you haven’t registered for redraw via Internet or Phone Banking, but you’d like the convenience of redraw from your home, just fill in the and you’ll be ready to redraw on your home loan when you need to.
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Other upfront fees and costs may apply. The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 22 66.