What is a personal loan redraw facility?
Last updated 16 February 2018
A redraw facility allows you to access available funds whenever you need to.
If you have made additional repayments on your variable rate loan, you may have funds available to redraw. Your redraw balance won’t include any repayments made towards your next monthly minimum repayment amount and will gradually reduce in line with the remaining life of your loan.
You can also learn more about redraw and other features of your personal loan here.
Do I have Redraw access?
Redraw is available on:
- Our variable personal loan
Redraw is not available on:
- Fixed unsecured personal loan
- Fixed secured personal loan
How much can I Redraw?
You can check your available Redraw balance and monthly repayment due date on the "Account Information" page within the "View Accounts" tab in NetBank.
Minimum Amounts and Costs to Redraw
Variable Rate Loan
Redraw via NetBank or Telephone Banking (No drawing fee)
Redraw in Branch ($10 redraw fee applies)
No minimum amount to redraw
How can I Redraw?
You can withdraw your money quickly and conveniently:
- Online using NetBank (if you have a joint loan where both signatories are required to operate the loan, you will both need to login)
- By phone on 13 14 31, between 8am and 8pm
- At selected ATMs, EFTPOS or Australia Post EFTPOS
- At any Commonwealth Bank branch ($10 fee applies)
If there are two account holders on your loan and the method of operation is ‘All must sign’, you must visit a branch to Redraw.
To change your method of operation, please complete a Contract Personal Loan Authority form and lodge this at any Commonwealth Bank branch.
Other Things to Know
It may take up to 1 business day for funds to transfer from a CommBank account to your personal loan and become available for redraw. Transfers from other financial institutions may take longer.
Talk to Us
To discuss Redraw further you can contact us on 13 1431 between 8am and 8pm, 365 days, or visit any Commonwealth Bank branch.