Redraw facility
- What is a Redraw facility?
- A redraw facility on your home loan allows you to put extra money into the loan, with the ability to withdraw it again at any stage, should you ever need it.
- How does a Redraw facility work at QTCU?
- Redraw is available on your owner-occupied variable or home equity home loan. You achieve a redraw balance by paying extra money into your loan, on top of your monthly repayment. Then, when you need to, you can withdraw some or all of that extra money. The minimum withdrawal you can make is $500, and the amount must be in multiples of $100.
- How does QTCU's Redraw facility compare to other financial institutions?
- QTCU's Redraw facility is one of the most competitive on the market because of its lack of fees. There is no charge for making a withdrawal, and you can make unlimited withdrawals each month (excluding the Mortgage Saver home loan).
- How else can I save with a Redraw facility?
- There are a couple of ways. For a start, your extra repayments will reduce the amount you owe, and you'll pay less interest on your home loan. Secondly, because you now have cash to pay for whatever it is you want, you can avoid using a credit card or taking a personal loan – both of which charge a higher rate of interest than your home loan.
- Does a Redraw Facility provide any other benefits?
- Yes, a Redraw Facility on your home loan is a flexible and convenient option as you only have one account to maintain and it is easy to access your cash. You can also use the money for whatever you want and whenever you want.
- How do I access the funds in my Redraw facility?
- All you need to do to arrange a transfer is visit your local branch or sub-branch, or call us on 13 29 30 and request that the funds be deposited into your nominated savings account. You can also keep track of your Redraw amount using NetAccess.
A Product Disclosure Statement (PDS) is available for this product and you should read the PDS before making any decisions about the product. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances.
