What this guide's for

Learn how to redraw on your BetterBusiness Loan to make a payment.

Why you'd do this

To access money that's been paid in addition to your monthly repayments.

What you'll need

  • Permission to create on the BetterBusiness Loan Account
  • Details of the payee

Important things to know

Payments you can make with a BetterBusiness Loan are:

  • Transfer
  • Direct credit
  • Priority payments 
  • BPAY


Here's where you can view the transaction history on your BetterBusiness Loan 

How make a BetterBusiness Loan payment

Step 1

  • Log on and go to Payables then Direct credit
  • Enter BetterBusiness Loan details or search for it using the dropdown list
  • Enter a Lodgement reference, which will show up on your statement
  • You can pay to more than one account. Click Add new row and enter the account details
  • Enter the details of the Pay to account or choose an account from the drop down list
  • Enter a Lodgement reference. The dollar amounts in Pay from and Pay to need to match
  • Before you submit, include a Trace account. If the Direct credit can't be processed, the money will be returned to this account. Check the Australian Payments Clearing Association ID (APCA) and change it if you need. If you don't enter one, we'll give you the bank's one by default
  • To Send remittance advice, tick the box and Submit.
The create a direct credit page in CommBiz where you enter the pay from and to details, remittance advice and APCA ID.

Step 2

  • When you send remittance advice, add a remittance link on the Beneficiary trace account details page before you click Save and Submit.
Beneficiary trace account details page in CommBiz that you can save as a template.

Step 3

  • Check details of the Direct credit payment and tick notification boxes to be sent messages through each stage of the Direct credit payment. Click Confirm
  • If you can authorise payments, go to My Actions or My Summary to do it.
Confirmation of your direct credit from a BetterBusiness Loan that has been processed as a redraw.

Important information

This guide is published solely for information purposes. As this guide has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances and if necessary seek the appropriate financial advice before acting on information in this guide. Commonwealth Bank of Australia ABN 48 123 123 1234. Call 13 2221 or view our  Terms and Conditions.