If you’ve made any extra repayments towards your Bankwest home loan, that money has built up in surplus – and depending on your home loan, here's how you could redraw those extra repayments.
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How do I redraw my extra home loan repayments?
First thing's first – what's your surplus?
To estimate your surplus, just take your available balance and minus your next repayment from it. You can see your available balance when you check your account balance in Bankwest Online Banking and the Bankwest App.
If you have a variable rate loan
You can redraw your surplus funds through the Bankwest App or Bankwest Online Banking.
Redraw in the app
- Go to ‘Accounts’ from the bottom menu
- Select your home loan account
- Select ‘Make a payment’ and choose between ‘My accounts’, ‘Recipients’ or ‘BPAY® biller’.
Redraw in online banking
- Choose ‘Payments’ in the menu
- Go to ‘Make a payment’
- Choose ‘Internal Transfer’ to move money from your home loan account
- If you want to transfer the funds to another person’s account or pay a bill, you can also make a ‘Pay AnyBody’ or ‘BPAY’ transfer to another person’s account.
Complete a form
Complete and return the Home Loan Access Withdrawal Authority form (PDF) to us by:
- email, post, or fax – more details are on the form
- logging into Bankwest Online Banking and using Bankmail.
If you have a variable loan that needs two or more people to authorise changes or payments
Complete a form
Complete and return the Home Loan Access Withdrawal Authority form (PDF) to us by:
- email, post, or fax – more details are on the form
- logging into Bankwest Online Banking and using Bankmail.
If you have a fixed rate loan
Redraw
Redraw is not available while an account is on a Fixed Rate. This feature will be available once the Fixed Rate term ends.
Cashback
Eligible customers who receive a cashback payment into their Fixed Rate home loan account can access those funds upon request by completing the Home Loan Access Withdrawal Authority form (PDF). You can return it to us by:
- email, post, or fax – more details are on the form
- logging into Bankwest Online Banking and using Bankmail.
If you're experiencing financial hardship
If you’ve had a change to your personal circumstances, you may find it hard to keep up with your repayments. We’re here to help, and we could help you manage your loan repayments with a solution tailored to your situation.
Not sure how to use a redraw facility?
If you're not sure how to use your redraw facility we can help. Message us in the app or online banking, or give us a call.
Need more help?
Talk to a Home Lending Specialist – when and where it suits you.
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