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How do I redraw on my loan?

Your Qantas Money Home Loan comes with a redraw facility, which means you can access any extra payments you’ve made on your loan - free - using online banking.

Redrawing on your Qantas Money Home Loan is easy. Simply select your home loan as the ‘From account’ when performing a funds transfer. Then, if you have an offset account, transfer the cash there and use your Qantas Money Home Loans Visa Debit card to immediately access the funds. Alternatively, you can transfer the cash to another account and withdraw it in up to two business days.

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 also reduces the interest you pay on your home loan, and could earn you more than 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 however, you can make unlimited repayments on a variable rate and repayments up to $20,000 per annum on fixed rates. What’s more, unlike many other lenders, Qantas Money offers redraw on both fixed and variable rate loans. 

About the Qantas Money redraw facility 

Redrawing on your loan won’t increase your repayments 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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