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How do I redraw on my loan?

Redraw means you can access additional payments you’ve made to your home loan, provided you are at least one month ahead on repayments. With Qantas Money Home Loans, you can redraw additional funds paid beyond the current month as often as needed - at no cost - using online banking. 

Redrawing on your Qantas Money Home Loan is easy. Simply select your home loan as the ‘From account’ when performing a funds transfer. Then, if you have an offset account, transfer the cash there and use your Qantas Money Home Loans Visa Debit card to immediately access the funds. Alternatively, you can transfer the cash to another account and withdraw it in up to two business days.

Home loan redraw pros and cons

A redraw facility can be useful if you ever need cash at short notice to cover unexpected costs. Making extra payments also reduces the interest you pay on your home loan, and could earn you more than a savings account.

Some lenders limit the number of extra payments you can make on your home loan in a certain period. With Qantas Money Home Loans however, you can make unlimited repayments on a variable rate and repayments up to $20,000 per annum on fixed rates. What’s more, unlike many other lenders, Qantas Money offers redraw on both fixed and variable rate loans. 

About the Qantas Money redraw facility 

You need to be at least one month ahead (you can redraw any additional funds paid beyond the current month); and the minimum redraw amount is $1 per transaction.

When accessing a redraw where there is more than one person on a loan, both you and the other applicant need to authorise the transaction. If however, you both would rather transact independently, you can advise us by calling 1300 992 700.

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