If you’ve made any extra repayments towards your Bankwest home loan, that money has built up in surplus – and you could redraw those extra repayments for free. Here’s how.
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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
- Log in to the Bankwest App
- Select your home loan account
- Select ‘Make a payment’ and choose between ‘My accounts’, ‘Payees’ or ‘BPAY® biller’.
Redraw in online banking
- Log in to Bankwest Online Banking
- Go to ‘Payments & transfers’
- Use an internal transfer to move the money from your home loan account
- If you want to transfer the funds to another person’s account or use them to pay a bill, you can also make a ‘Pay AnyBody’ or ‘BPAY’ transfer to another person’s account.
Submit a form online
Submit a Home Loan Access Request form and we’ll call you to confirm your request before processing it. A minimum redraw amount applies for this method of redraw.
Mail or fax a form to us, or take it to a branch
Complete a Home Loan Access Withdrawal Authority form (PDF). You can send it back to us by:
- post or fax (you can find the details on the form)
- logging into Bankwest Online Banking and using Bankmail
- taking it to your nearest branch.
A minimum redraw amount applies for this method of redraw.
If you have a fixed rate loan, or a loan that needs two or more people to authorise changes or payments
Submit a form online
Submit a Home Loan Access Request form and we’ll call you to confirm your request before processing it. A minimum redraw amount applies for this method of redraw.
Mail or fax a form to us, or take it to a branch
Complete a Home Loan Access Withdrawal Authority form (PDF). You can send it back to us by:
- post or fax (you can find the details on the form)
- logging into Bankwest Online Banking and using Bankmail
- taking it to your nearest branch.
A minimum redraw amount applies for this method of redraw.
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?
You can message us in the Bankwest App or online banking, or call us – we're here 24/7.