Redraw Facility

A loan feature letting you withdraw extra repayments you've made above the minimum.

A redraw facility lets you access additional repayments you've made on your mortgage above the contracted minimum. Unlike an offset account, redrawn funds come from your loan balance and may have tax implications if the original loan was for an investment property. Some lenders charge a redraw fee and impose minimum withdrawal amounts. Redraw is typically available on variable-rate loans only.