Redraw Facility...great for emergencies!

Redraw Facility: If you have made any lump sum or additional principal repay­ments to your loan account, you can access those extra repayments whilst on a vari­able rate – to do so is called “redraw”. Basically it’s a fancy name for withdrawing from your loan, but only the additional repayments you’ve made over and above your required loan repayments.

Obviously the redraw is handy because you can access the money which has been stashed away saving interest, but be aware than of course this also means your balance increases and so does your interest due. Think of it as money paid off of the loan but available for emergencies or worthwhile purposes; you’re not going to redraw for a pair of jeans but excellent if the water heater goes.

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.

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