Can I redraw from the available balance of my home loan?
If you deposit extra money into your loan (anything above the minimum monthly repayment that’s required), you will build up a surplus balance in your loan.
Some home loans allow you to redraw surplus funds through Bankwest Online Banking. Simply log in, go to ‘payments & transfers’, and use an internal transfer to move the money from your home loan account into another Bankwest account.
If you want to transfer the surplus funds to another person’s account or use them to pay a bill, you can also make a ‘Pay Anybody’ or ‘BPAY®’ transfer from most home loan accounts.
If your home loan isn’t eligible for online redraw, or you would prefer to submit a form request for your redraw, there are two options (note – fees may apply).
- Fill out a Home Loan Access Request form. A specialist will then call you to confirm your request before processing it.
- Print and complete our Home Loan Access Withdrawal Authority form (PDF). You can then drop this completed form in to any Bankwest store or fax it to 1300 664 825.
Knowing more about a home loan redraw facility can help you make the most of it – take a look at our guide.
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