What is a home loan redraw facility?

See all Home loans FAQs

Last updated 31 August 2016


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 all variable rate home loans except:

  • Economiser / 3 Year Economiser Interest Only Home Loans for the life of the loan, even if the loan rolls over to Principal and Interest repayments.
  • Where there is a second or subsequent mortgage to another financial institution.

Redraw is not available on fixed rate home loans.

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 term.

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.

Please note that a redraw may result in an upward recast of your required monthly repayment amount (RMRA), if you have previously had your RMRA reduced.

Minimum Amounts and Costs to Redraw

Variable Rate Loan
No minimum for redraw via NetBank or Telephone Banking (No drawing fee)
Minimum $1,000 for redraw in Branch (No drawing fee)

Economiser (principal and interest repayments) Loan*
No Minimum for redraw via NetBank or Telephone Banking (No drawing fee)
Minimum $1,000 for redraw in Branch (No drawing fee)

Economiser (interest only) Loan^/Fixed Rate Loan
No Redraw facility available

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

^ Redraw is not available on Economiser / 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 (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 2224, between 8am and 8pm
  • At selected ATMs, EFTPOS or Australia Post EFTPOS (except for No Fee Variable Rate Loans)
  • At any Commonwealth Bank branch

If there are three or more 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 Home 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 home 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 2224 between 8am and 8pm, 365 days, or visit any Commonwealth Bank branch.

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