The redraw feature allows customers to access the additional payments made directly into their home loan accounts over and above any required minimum repayments.
The redraw feature is different to an offset account. An offset account is linked to a home loan account, whereas the redraw accrues in the home loan account. Both enable withdrawal of funds on Macquarie Online Banking or the Macquarie Mobile Banking app.
Both the Offset Home Loan and Basic Home Loan products offer a redraw feature on most home loan accounts including company and trust home loans. However, the interest rate type of a home loan account may limit additional payments and when the funds can be withdrawn. This applies in the following ways:
*If a home loan is preparing to be discharged, to prepare a final payout figure, access to redraw funds may be limited as account restrictions are applied.
Home loan accounts held in the name of a company or trust borrower also have a redraw feature and can use additional payments to reduce the interest paid on the loan. This doesn’t apply to SMSF home loans, which don’t have a redraw feature.
The redraw feature doesn’t need to be nominated or activated by your customer for eligible home loan accounts. Once your customer starts contributing additional payments, above the required minimum repayments, redraw will start accruing.
The redraw feature is available on all eligible home loan accounts, which typically includes a home loan account with an offset account linked to it.
Any money paid into your customer’s home loan over and above any required minimum repayments becomes the redraw balance. Making additional payments into a home loan account will reduce the loan balance and therefore the interest payable on the loan.
There are no fees or approval required to access money from redraw if completed through Macquarie Online Banking or the Macquarie Mobile Banking app.
While your customer’s home loan account is on a variable interest rate, they can access their redraw balance to make payments or transfer funds.
There are daily limit restrictions, however when the amount is under $100,000, they generally can be managed by your customer through Macquarie Online Banking and the Macquarie Mobile Banking app and using our multi-factor authenticator, Macquarie Authenticator.
If the one-off payment is more than $100,000, they’ll need to sign and return a form. Our Personal Help Centre article outlines cut-off times for fund transfers. Ensure your customer has enough time to process the form.
If transferring funds within their Macquarie accounts (that have a BSB starting with 182), there typically aren’t restrictions.
Our Personal Help Centre has additional information for your customer on how to use their redraw feature. This article also includes instructions on how to check and access their redraw balance.
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