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Your redraw options explained

Your redraw options explained

If you've been putting extra repayments towards your home loan, a redraw facility lets you re-borrow some of those funds to use however you please. For Greater Bank customers using Online Banking or the Greater Bank Mobile App, redraw is easy and free online.  Allowing you to access your extra repayments when you need it. 

In fact, there are a number of ways that you can redraw on your loan.

Your redraw options explained

How can I redraw money from my home loan?

I am registered for Online Banking

All you need to do is log on to apply for a redraw using the following steps.

  • Click 'Transfer Money' in the left hand column
  • Select your Home Loan as the account to transfer money from (you must have a balance above $0 to redraw on your loan)
  • Select an account to transfer money to, along with the amount, a description and whether you want to process it now or later. Click 'Continue'
  • You will be asked to read a short disclaimer - make sure you read and understand before choosing to accept
  • If you're the sole individual named on the loan - you're all done!
  • If there are other names on the loan, you will need to have them authorise the redraw. An authorisation notification will be sent to the other parties via Online Banking. All they will need to do is click 'Authorisations' in the left hand column and proceed with the authorisation to complete the redraw

When you're using Online Banking or the Greater Bank Mobile App, redraw is free of any fees or charges.

I don’t have access to Online Banking

For most of us, our home is the biggest investment we will ever make. It’s the place where we grow, raise families and make countless memories. We also fill our homes with the things we hold most dear, and the things that reflect us most.

So doesn’t it make sense to protect the one thing we’ve put so much time, money and effort into?

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