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What is a home loan redraw facility?

See all Home loans FAQs

Last updated 24 August 2018

A redraw facility allows you to access additional repayments that you have made on your loan over and above the required minimum repayments.

Do I have redraw access?

Redraw is available on most variable rate loans, and there are no fees to redraw. You should have access to redraw unless your home loan is one of the following products:

  • Fixed Rate Home Loans
  • Economiser Interest Only Home Loans
  • 3 Year Economiser Interest Only Home Loans
  • Where there is a second or subsequent mortgage to another financial institution.

If you are switching your loan, you should consider if the new loan type has a redraw facility. For instance, if you switch from a Standard Variable Rate Loan to a Fixed Rate Loan you will no longer have access to a redraw facility during the fixed rate period.

How much can I redraw?

You can check your available redraw balance in NetBank under your loan account’s ‘Available funds’.

Keep in mind that your redraw balance will not include payments made towards your next minimum monthly repayment amount.

The redraw balance will also gradually reduce in line with the loan term. Find out more about how this works here.

Is there are minimum amount I have to redraw?

Loan type

Minimum redraw amount

Variable Rate Loan

No minimum amount via NetBank or Telephone Banking

$1,000 minimum via Branch

Economiser Loan* (Principal and Interest repayments)

No minimum amount via NetBank or Telephone Banking

$1,000 minimum via Branch

Economiser Loan*^ (Interest Only repayments)

No redraw available

Fixed Rate Loan

No redraw available during the fixed rate period

* Economiser Loans are also known as Rate Saver and Base Variable Rate loans.

^ Redraw is not available on Economiser Interest Only and 3 Year Economiser Interest Only Home Loans for the life of the loan, even if the loan rolls over into Principal and Interest repayments.

How can I redraw?

You can withdraw your money quickly and conveniently:

  • Online using NetBank~. Just transfer the amount you wish to redraw from your loan to your CommBank transaction account
  • By phone on 13 2224, between 8am and 8pm AEST
  • At selected ATMs, EFTPOS or Australia Post EFTPOS (except for No Fee Variable Rate Loans)
  • At any Commonwealth Bank branch.

~ If you have a joint loan where both account holders are required to operate the loan, you will both need to login. If there are three or more account holders on your loan and the method of operation is ‘All must sign’, you will need to visit a branch to redraw.

To change your method of operation, please complete a Contract Home Loan Authority form and bring it into any Commonwealth Bank branch.

Talk to us

To discuss redraw further you can contact us on 13 2224 between 8am and 8pm AEST 7 days a week, or visit any Commonwealth Bank branch.

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