Redrawing on your home loan

We may provide you with access to redraw when you have a variable interest rate home loan. Redraw can allow you to access some or all of the additional repayments that you've made on your home loan over and above the minimum monthly repayment amount. 

Redraw is not available on fixed rate or SMSF home loan accounts and may not be available in all circumstances for a variable interest rate home loan.

If you have access to redraw, you will see this as an 'available balance' on your loan account. Your available balance may change over time depending on several factors, which may include:

• loan limit changes
• repayment amount changes
• loan balance changes

The available balance may reduce over time to ensure the loan balance, limit and available redraw are all zero by the end of the contractual loan term. We may reduce the amount available to redraw by the estimated amount of your next scheduled payment.

The following example explains how redraw works where an extra payment has been made, and the minimum monthly repayments continue to be made on the home loan.

• Sarah has a $300,000 home loan with Principal and Interest repayments and a 30-year term. 
• 10 years into her loan, Sarah makes an extra payment of $50,000. 
• The extra payment Sarah’s made means she may be paying less interest and may pay off her home loan sooner.
• Because Sarah has continued to pay her monthly repayments on time, she can request access to her redraw balance.
• Sarah’s redraw balance will reduce over time to ensure her home loan has been repaid and she has a zero available balance at the end of the contractual loan term. 

Redraw is generally available on home loan accounts with a variable rate.

Redraw is not available on fixed rate or SMSF home loans.

You can keep as much as the loan balance in the loan account for redraw, with no fees or penalties. 

There is no limit on the amount you may be allowed to redraw, as long as the amount is within the ‘available’ balance.

To check your available redraw balance in Macquarie Online Banking:

1. Select Accounts from the side menu; If your accounts aren't visible click on the icon in top left-hand corner to display the side menu
2. Select the home loan account
3. Select the Account Details tab
4. Available funds for redraw is shown as Redraw balance under Account Summary.

To check your available redraw balance in the Macquarie Mobile Banking app:

1. Select a home loan account from the main screen
2. Available funds figure is displayed at the top of the screen above account balance.

To access your available redraw balance in Macquarie Online Banking:

1. Select the $ from the side menu; or first click on the icon in top left-hand corner to display the side menu
2. Select the home loan account with available redraw balance
3. Select the Macquarie account you wish to pay to, or New payee/biller.

To access your available redraw balance in the Macquarie Mobile Banking app:

1. Select the $ on the front screen
2. Select either Internal transfer or Make a payment
3. Select the home loan account with available redraw balance
4. Select the Macquarie account you wish to pay to, or New payee/biller.

The daily limit for Pay Anyone and BPAY^® payments from your home loan can be viewed in our article Understanding daily payment limits on payments and transfers.

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See Why have repayments been deducted from my redraw account?