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Redraw

Redraw offers easy access to extra home loan repayments, balancing debt reduction and financial flexibility.

Finance Updated 1 hour ago
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Redraw

Redraw's Top Features

Access to extra repayments
Interest savings by reducing the principal
Financial flexibility
Potential low or no fees
Availability mostly on variable-rate loans
Support for large purchases and unexpected expenses
Integrated with existing loan accounts
Accessible through various banking platforms
Comparable to offset accounts but with unique benefits

Frequently asked questions about Redraw

Redraw allows access to extra repayments made on a loan, providing flexibility for financial management.

By reducing the principal with extra repayments, Redraw helps save on interest over the loan's duration.

Some lenders do not charge fees for using the Redraw facility, but it's best to check with your lender.

Typically, Redraw is available on variable-rate loans and less commonly on fixed-rate loans.

Funds can generally be accessed through online banking, mobile apps, phone banking, or in-branch services.

Some lenders may impose limits on the frequency or amount that can be redrawn, so verify with your lender.

No, redrawing funds does not reset your loan term but may affect your repayment schedule.

Yes, funds accessed through Redraw can be used for various purposes like renovations or unexpected expenses.

Yes, Redraw is part of the loan account, whereas offset accounts operate separately to reduce interest.

Redraw can be initiated through your lender's digital platforms or in-person, depending on the lender's services.

Redraw's pricing

Free

$0/monthly

  • Limited access
  • 20 coins for testing
  • 2-minute generation time

Basic

$15/monthly

  • Access to all features
  • 1 concurrent user
  • 600 monthly coins

Basic

$12.5/monthly

  • Access to all features
  • 1 concurrent user
  • 600 monthly coins

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Category
Finance
Tags
home loan
redraw feature
extra repayments
interest savings
financial flexibility
variable-rate loans

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