Save interest on your home loan.
What is redraw on a home loan?
Redraw allows you to make additional repayments to your home loan and then later access those funds if you want to. The funds you ‘redraw’ could be used for anything from renovations to an unexpected expense.
Rather than being a separate account like an offset account, redraw is a feature within your home loan that simply allows you to ‘redraw’ additional payments you’ve made.
How does redraw reduce interest?
If you have a $500,000 total loan amount with $50,000 in additional contributions sitting in redraw, then your home loan interest will be calculated on the lower balance of $450,000.
How does redraw on a fixed rate work?
Get mortgage free faster. With redraw, you can make extra repayments on your fixed home loan over the length of the loan. Not all banks let you do this, but then again, we’re not all banks.
How do I access my redraw?
Once activated, your redraw funds are easily available via the Bendigo Bank App.
Benefits
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Save interest on your home loan
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Take a repayment holiday (if you have enough redraw available)
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Pay your redraw the way it suits you – regular additional repayments or lump sum
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Maximising your flexibility with no fees to redraw
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Get mortgage free faster with redraw available on fixed loans
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Redraw available on both variable and fixed rates with all our home loans.
How Mark and Susie saved for their daughter’s sports trip using redraw
Mark and Susie’s minimum home loan repayment is $1,000 per fortnight, but every pay they’ve been making an additional contribution of $200 to their home loan - a total of $1,200 per fortnight.
After a year of these additional payments Mark and Susie required funds to send their daughter on a sports trip.
They are currently $5,200 ahead having paid $200 additional contributions x 26 fortnights. This enables the couple to access $4,200 for their daughter’s trip, ensuring they are one scheduled repayment ahead on their home loan.
Ready to take the next step?
Talk to a home loan specialist
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Get help from a home loan specialist.
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Best if you’re buying off the plan, refinancing land or building a home.
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Great choice for more complex lending needs.
Apply online
Express Home Loan is our online only home loan with a low variable rate.
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Our virtual support team is here if you need help.
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Save time by applying online in minutes.
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Great choice for a purchase or refinance of an established property or land in an urban area.
Ready to apply?
Contact our home loan specialists now on 1300 236 344, make a home loan enquiry or apply online.
Things you should know
Terms and conditions, fees and charges apply. All information including interest rate is subject to change without notice. Full details available on application. Lending criteria apply.
