Accessing your extra repayments
A redraw facility allows you to access the additional funds you have paid into your home loan over and above your required minimum repayments. When you make extra contributions, the balance of your loan decreases, and some loan products allow you to withdraw those specific funds if you need them for other expenses. It is helpful to view this as accessing your own equity rather than borrowing new money.
Not every loan product includes a redraw feature, particularly some fixed-rate loans or specific legacy products. Before you attempt to move funds, you will need to confirm whether your current loan structure allows for redraws and if there are any restrictions on the amount you can access at one time.
| Category | Details |
|---|---|
| Access Methods | CommBank App or NetBank. |
| Processing Time | Generally available the same business day, subject to transfer limits. |
| Eligibility | Depends on specific loan product terms and available 'redraw balance'. |
| Key Requirements | Available redraw funds must exceed the minimum transaction amount. |
How to perform a redraw
If your loan facility supports redraws, you can typically manage this through your digital banking platform. Follow this sequence to access your funds.
- Log in to your banking: Access your account via the CommBank app or NetBank. Ensure you are using a secure, private network.
- Select your loan account: Locate your home loan from your list of accounts on the dashboard.
- Check availability: Look for a display indicating 'Available to redraw' or a similar balance. If this is not visible, it often implies the loan product does not support redraws or you have no surplus funds available.
- Initiate the transfer: Select the option to 'Redraw' or 'Transfer'. Choose the destination account (usually your linked transaction account) and enter the amount you wish to withdraw.
- Confirm the transaction: Review the details, including any potential daily transfer limits, and confirm the request.
Troubleshooting common issues
When you cannot access your funds, the issue is often related to platform settings or account restrictions.
- MFA or Login Issues:
Cause: Verification errors usually stem from unstable internet connections or a delay in receiving the SMS/notification code.
Simple Fix: Ensure your device has a strong signal, wait a minute, and select 'Resend Code'.
Fallback Action: If codes consistently fail, call the bank to verify your contact details and security settings. - Browser or App Errors:
Cause: Outdated app versions or browser cache 'clutter' can block the redraw button from appearing.
Simple Fix: Clear your browser's cache or check your app store to ensure you are running the latest version of the app.
Fallback Action: Switch to a different browser or device (e.g., try NetBank if the app fails) to see if the error persists. - Locked Account or Access Issues:
Cause: Multiple incorrect attempts to log in trigger a temporary lockout for security.
Simple Fix: Follow the on-screen prompts to reset your password if you have forgotten your credentials.
Fallback Action: If the account remains inaccessible, you must contact the bank directly to confirm your identity and unlock your profile.
Pro-Tip: Before you confirm a redraw, check your current interest rate and loan balance. Remember that every dollar you redraw increases your loan balance, which immediately increases the interest charged on your next repayment. Using a redraw facility should generally be treated as a temporary measure rather than a standard source of funds.
Frequently Asked Questions
Q: Why is the 'Redraw' option missing from my account?
This happens if your specific home loan product does not have a redraw facility, or if you have a fixed-rate loan that restricts extra payments. Banks generally structure fixed loans this way to provide stability in interest calculations. If you cannot see the option, check your loan contract or product disclosure statement. You should then send a secure message via NetBank or call the bank to confirm if your loan type is eligible for a feature change.
Q: I requested a redraw but the funds haven't arrived. What happened?
While internal transfers between your loan and transaction account are often processed the same day, there can be delays due to bank processing cut-offs or security reviews on larger amounts. If you requested the funds outside of business hours or on a weekend, it may take until the next business day to clear. If the funds have not appeared after 48 hours, check your transaction history for any 'failed' status and contact support if the balance was deducted but not received.
