Are redraw facilities easy to use? Can they be online or do I have to call the lender every time I want to access funds?

Most banks offer online access 24/7 & many offer free redraw access
However depending on what product you choose these terms can vary
Check with your bank or broker which loan has these products

Hi Michael
Redraw facilities are easy to use through most Banks . You can usually access via NetBank/ Branch/ATM and phone banking. Sometimes there are charges for redraw at a branch.
alternatively you could look at an offset account in which, through most banks can be your day to day account.
Offset accounts usually offset your home loan at 100% so the same effect as redraw on saving interest and a little easier to access .

Hope this helps
Deb

Hi Michael,

Yes redraw facilities are very easy to use. Most lenders who offer this feature do not charge for the redraw as they are available through Internet banking. Generally the only time you would be charged & would have to contact he lender would be of it was a large sum that you wanted to redraw.
An offset account also works very similar & also helps you reduce your loan repayments.
I hope this helps & happy to discuss further in need.

Hi Michael C, as you can appreciate ever lender is different but generally speaking redraw facilities are as simple as transferring funds from one account to another via Internet banking. Depending on your circumstances and how much you need to borrow an Offset account could be another option. Cheers, Rob

online and at your request and control

Great job on being ahead of your repayments and building up a redraw!

Redraw facilities are ideally available through net banking, telephone banking or a manual redraw.

Net Banking facility allows u to organize a redraw quicker than the other options.

Based on the financier and the home loan facility there maybe a charge involved or it could be free.

If u advise the product & financier you are with, happy to check & confirm options available to you.

Hi Michael,

All the above answers are correct and always worth checking with your broker if a redraw or offset is more suitable to your needs.

I'd just add that make sure you are aware of the redraw conditions as same lenders have a minimum amount that can be withdrawn from your redraw per transaction or certain fees and charges depending on how many you do per month or which avenue you take (online or branch).

Always best to speak to your broker or lender to confirm this - most lenders will also have this on their websites.

Cheers, Dino

yes very easy. almost all are free when online.

Very easy, & pretty much all of them prefer you to use them online, which is likely to be free.