What are redraw and offset?

Redraw is a home loan feature that allows eligible extra repayments made towards your home loan balance to be withdrawn. Your redraw amount reduces the outstanding balance of your home loan.

Offset is a home loan feature that allows you to link an eligible ANZ Plus Everyday transaction account to your home loan. While the account is linked, you can generally still make standard withdrawals and deposits. Funds in the account can help to reduce the interest payable on your home loan.

Neither your redraw amount or the funds in a linked offset account will earn interest, however, one or both can help to reduce the amount of interest charged on your home loan, and may reduce the overall time required to pay off the loan.

Your individual financial needs and objectives will determine which suits you best; however a Coach may assist your understanding of redraw and offset.

If you’d like to find out more about our ANZ Plus Home Loan, please send a message to a Coach or make an appointment.