How do I redraw my money?
The redraw facility available on all of our home loans allows you to access any additional payments you’ve made to your home loan free of charge, 24 hours a day, 7 days a week, using Online Banking or Phone Banking.
You can access your funds whenever you want – all without the hassle of taking out a personal loan or paying interest on a credit card.
Things to consider
What you should know about redraw:
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You’re able to redraw from your home loan as many times as you like, with the minimum redraw amount being $500.
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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.
How to activate redraw access
- The electronic redraw form is sent as part of your home loan documentation. If you complete this form and send it back along with your home loan contract, electronic (online and telephone) redraw will be available to you from settlement.
- If electronic redraw is not active on your loan, you can download the electronic redraw form and return the completed form either by fax or post:
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(08) 8300 6898 |
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Loan Servicing, Adelaide Bank
Reply Paid 1048
Adelaide SA 5001 |
- A redraw can also be performed manually at a Bendigo Bank branch. Fees and charges apply.
How to perform a redraw
When choosing to redraw, you may need to be aware of the following considerations:
- When you complete an electronic redraw, the funds will be available in your offset account immediately.
- Redraws from a SmartSaver account will need to be transferred to a transactional account, either with Adelaide Bank or another financial institution.
- Redraws to an Adelaide Bank account will be available immediately, while redraws to other financial institutions will be available in the other account within one to two business days.
- A redraw can also be performed manually at a Bendigo Bank branch. Fees and charges apply.