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.
Our variable rate home loans let you redraw your additional repayments for free through online banking. You can also use other methods of redraw, such as over the counter, with our variable rate home loans and fixed rate home loans – note that a minimum withdrawal amount may apply.
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 Finance Managers can talk you through what’s possible.