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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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