If you're on a variable rate home loan and you’ve been paying more than the minimum repayment amount, you may have funds available to you in a redraw facility.
If you do, your redraw balance is the amount that you have already paid on your home loan in excess of the minimum repayment required.
But remember that if you decide to redraw funds, the amount redrawn will be added to your loan balance. This means interest will be charged on that higher loan balance and it may take longer to pay off your loan.
So, if you need extra cash you might want to consider other options before accessing funds you have in redraw.
For example, you might have money in other accounts you could use, or you might be able to reduce your loan repayment amount.
If you do go down the Redraw path here’s how to do it.
Firstly, log in to ANZ Internet Banking.
Select your relevant loan account and you will be taken to the ‘Account overview’ page.
Here you can see how much is available in your redraw.
Select ‘Redraw loan’.
Select the account the money needs to be transferred to - this needs to be a linked ANZ account - enter the amount you want to withdraw and click ‘Continue’.
‘Review Request’ allows you to check your information.
Now click ‘Confirm’ and you will receive a Lodgement Receipt indicating your redraw has been approved.
Generally, if your approved redraw request is completed via internet banking, the funds will be in your nominated account the same day. In a few instances, it may take a couple of days longer.
For more information contact us ANZ.