If you're on a variable rate home loan and you have been paying more than the minimum repayment amount on your home loan then you may have funds available to you in a redraw facility.disclaimer Your redraw balance is the amount that you have already paid off on your home loan in excess of the minimum repayments required.
This means you may not need to do anything just yet because when your repayment is due, ANZ will use those extra funds to meet that repayment, meaning you keep up to date with your home loan.
Keep in mind that if you redraw funds, the amount redrawn will be added to your loan balance and interest will be charged on that higher loan balance. There may be ways you can reduce or offset that additional interest. For example, if your loan is eligible, you could move the redrawn funds to an offset account linked to your home loan, (if you have an offset account). If you decide to redraw, you can then transfer these funds to your linked transaction account using ANZ Internet Banking.
Don’t forget that what is in your offset account is your cash, and it’s easy to access. If you do decide to use the funds in your offset account, the amount of interest that is offset (or reduced) against your total home loan balance will change. This may result in you paying more interest on your loan (than before you accessed the funds in your offset account).
How to check for redraw or offset options
Log onto ANZ Internet Banking to see whether you have redraw (see instructions) or offset. You can see both your redraw balance and the funds in your linked offset account if you have one.
No internet banking access? See how to register for ANZ Internet Banking