Redrawing on your Tiimely Own home loan is simple. Just 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 Tiimely Own Visa Debit card to immediately access the funds. Or you can transfer the cash to another account and withdraw it in up to two business days.
What is a redraw facility?
Redrawing simply means accessing any extra payments you’ve made on your home loan. With Tiimley Own, you can do this whenever you want for free, using online banking.
Home loan redraw pros and cons
A redraw facility can be handy to have if you ever need cash at short notice to cover unexpected bills. Making extra payments also reduces the interest you pay on your home loan, earning you more than you would in a savings account and without the tax.
On the other hand, some lenders limit the number of extra payments you can make on your home loan in a certain period or how much you can redraw at any one time. A redraw facility is also not usually offered with fixed interest or interest only loans.
Things to know about Tiimely Own redraw
- Redrawing on your loan won’t increase your repayments or extend the term of your home loan, as you’re simply withdrawing the extra payments you’ve made into your home loan.
- You need to be one month ahead (you can redraw any additional funds paid beyond the current month).
- The minimum redraw amount is $1 per transaction.
When accessing a redraw where there is more than one person on a loan, you (and your plus one) both need to authorise the transaction. If this is inconvenient for you and you would both rather transact independently. Please contact us.
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