How to redraw from your home loan.
Read time 2 min
If you’ve got a variable rate home loan, you can redraw available surplus anytime. If you have a fixed rate home loan, redraw isn’t available until the fixed rate term ends.
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Understanding redraw
Redraw allows you to access extra funds that you’ve paid into your home loan above your required repayments.
Key information
Eligibility
You’ll need to have a variable rate home loan and available surplus. If you have a fixed rate home loan, redraw isn’t available until the fixed rate term ends.
Minimum and maximum amounts
With your eligible home loan you can redraw as much as you have available in surplus. Make sure you’re able to make your repayments if you redraw all your surplus.
You can find both your available surplus and next repayment in the app and online banking.
Fees
There are no redraw fees.
How to redraw
You can redraw your surplus funds through the app or online banking.
Steps to redraw in the app
- Log in to the app and select ‘Property’ from the navigation menu
- Go to your home loan account and select ‘Pay’ to redraw.
Steps to redraw in online banking
- Log in to online banking and select ‘Payments’
- Navigate to ‘Make a payment’
- Select your home loan in the ‘from’ field and complete the transfer.
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.
Common questions
Complete the Home Loan Access Withdrawal Authority Form (PDF). You can return it to us using the details on the form.
If you’ve had a change to your personal circumstances, you may find it hard to keep up with your repayments. We could help you manage your loan repayments with a solution tailored to your situation. Learn about financial hardship assistance.