It’s a feature on your home loan that lets you access any repayments that you’ve made above the minimum required repayments.
This money may come in handy to pay for expenses you didn’t see coming, like an emergency or investment opportunity. Or you might want to spend the money on planned things like renovations, holidays or a new car.
Redrawing the surplus funds in your home loan means you may not have to apply for another loan or a credit card.
Redrawing your extra repayments will mean those funds are no longer reducing the interest on your home loan.
If you have a variable rate home loan that only needs one person to authorise changes or payments, you can redraw your additional repayments through the Bankwest App and Bankwest Online Banking, and there's no minimum withdrawal limit.
You can also use other methods of redraw, such as over the counter, with our variable rate and fixed rate home loans. A minimum withdrawal amount of $1,000 applies to these methods of redraw.
You can redraw as much as you have in surplus on your home loan. Make sure you're able to make your minimum monthly repayments if you redraw all your surplus.
Keep in mind that there's a minimum withdrawal amount of $1,000 for some methods of redraw – find out more about how to redraw, depending on the type of home loan you have.
Another way you may be able to use your surplus is to take a break from making your regular scheduled home loan repayments for a period of time. This could be useful if, say, you’re going on parental leave, taking a career break or changing jobs. Our Home Lending Specialists can talk you through what’s possible.