Can I redraw from the available balance of my home loan?
If you deposit extra money into a variable rate home loan (anything above the minimum repayments), you’ll build up a surplus balance in your loan.
In the Bankwest App
Depending on where you’d like the funds to go, you can choose to either transfer your surplus funds to another one of your accounts or to someone else.
Simply log in to the Bankwest App and select your home loan account. You can then ‘Make a payment’ and choose between ‘My accounts’, ‘Payees’ or ‘BPAY® biller’.
To get an estimate of what your surplus might be, just take your available balance and minus your next repayment from it.
Can’t access the app? Here are some other options
Bankwest Online Banking
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.
Submit a form online
Submit a Home Loan Access Request form and we’ll call you to confirm your request before processing it.
Fill out a form and return it at a branch
Print our Home Loan Access Withdrawal Authority form (PDF). You can then return it to your nearest Bankwest branch.
Don’t have a redraw facility?
If you’re not sure how to use your redraw facility, or you haven’t set one up yet, we can help. The best thing to do is to contact us.
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