What is a personal loan redraw facility?
Last updated 22 June 2017
A Redraw facility allows you to access extra repayments you have made on your loan over and above the required minimum repayments.
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.
Any partial payments, weekly or fortnightly instalments you make will be included in your available Redraw balance. If you want to Redraw, please ensure you will still have enough funds in your available Redraw balance to cover your next Required Monthly Repayment Amount, to avoid falling behind on your repayments.
Minimum Amounts and Costs to Redraw
Variable Rate Loan
Minimum of $500 for redraw via NetBank or Telephone Banking (No drawing fee)
Minimum $500 for redraw in Branch ($10 redraw fee applies)
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
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.