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How do I redraw on my loan?

Redraw means you can access additional payments you’ve made to your home loan, provided you are at least one month ahead on repayments. With Qantas Money Your Qantas Money Home Loan comes with a redraw facility, which means you can access any extra payments you’ve made on your loan, less one month’s minimum loan repayment, for free.

Redrawing on your Qantas Money Home Loan is easy. If you have a Qantas Money Offset Home Loan, simply use e-banking to transfer the funds to your offset account/s, then use your Qantas Money Home Loans Debit Card to immediately access the cash. Alternatively, for both our Offset and our Basic Home Loans, you can transfer funds to another bank account by calling us on 1300 992 700.

Home loan redraw pros and cons

A redraw facility can be useful if you ever need cash at short notice to cover unexpected costs. Making extra payments on your home loan also reduces the interest you pay on that loan, and could save you more in interest payments than you would earn in interest if the funds were in a savings account, as well as potentially save on tax.

Some lenders limit the number of extra payments you can make on your home loan in a certain period, or how much you can redraw at any one time. With Qantas Money Home Loans, you can make unlimited repayments on a variable rate loan, and repayments up to $20,000 per annum on fixed rate loans without penalty. What’s more, unlike many other lenders, Qantas Money Home Loans offers redraw on both fixed and variable rate loans, for free.

 About the Qantas Money Home Loans redraw facility 

Redrawing on your loan won’t increase your repayments (as repayments are always calculated on the limit of the loan, not the balance of the loan) or extend the term of your home loan, as you’re simply withdrawing the extra payments you’ve made.

You need to be at least one month ahead (you can redraw any additional funds paid beyond the current month); and the minimum redraw amount is $1 per transaction.

When accessing a redraw where there is more than one person on a loan, both you and the other applicant need to authorise the transaction. If however, you both would rather transact independently, you can advise us by calling 1300 992 700.

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