How do I redraw on my loan?

Redrawing on your Tiimely Own home loan is simple and you can do this whenever you want for no additional fee, via online banking.

Just select your home loan as the ‘from account’ when performing a funds transfer. You can transfer to another account, like a savings account and the funds should be available to withdraw within 2 business days.

You can also transfer the cash to your offset account and use your Tiimely Own VISA Debit card to immediately withdraw the funds.

What is a redraw facility?

Redrawing simply means accessing any extra payments you’ve made on your home loan.

Home loan redraw pros and cons

A redraw facility can be handy to have if you need cash at short notice, such as to cover unexpected bills. Making extra payments also reduces the interest you pay on your home loan, earning you more than you would in a savings account and without the tax.

Unlike a Tiimely Own home loan, 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 and a redraw facility is also not usually offered with fixed interest or interest only loans.

Things to know about Tiimely Own redraw

• The minimum redraw amount is $1 per transaction
• 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 into your home loan account.
• When performing a redraw, you (and any other applicant) need to authorise the transaction.
• 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 into your home loan.
• You need to be one month ahead (you can redraw any additional funds paid beyond the current month).
• The minimum redraw amount is $1 per transaction.

When accessing a redraw and there is more than one person on a loan, you (and any other applicant) both need to authorise the transaction. If you’d prefer to allow independent transacts. Please contact us.