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How to Redraw From Your Loan

How do I redraw on my loan?

Redrawing on your Tiimely Own home loan is simple and you can do this whenever you want for no additional fee, via the Tiimley Home App.

You can also transfer the cash to your offset account and use your Tiimely Home Mastercard Debit card to immediately withdraw the funds.

What is a redraw facility?

Redrawing simply means accessing any extra payments you’ve made on your home loan.

Home loan redraw pros and cons

A redraw facility can be handy to have if you need cash at short notice, such as 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.

Unlike a Tiimely Own home loan, 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 and a redraw facility is also not usually offered with fixed interest or interest only loans.

Things to know about Tiimely Own redraw

  • The minimum redraw amount is $1 per transaction
  • 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 account.
  • When performing a redraw, you (and any other applicant) need to authorise the transaction.
  • You need to be one month ahead (you can redraw any additional funds paid beyond the current month).

When accessing a redraw and there is more than one person on a loan, you (and any other applicant) both need to authorise the transaction. If you’d prefer to allow independent transactions please contact us.

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Important information about rates
*Tiimely Own products are subject to loan-to-value ratio (LVR) requirements, eligibility and credit criteria and terms and conditions. Rates apply to new Tiimely Home customers only and are subject to change without notice.

**The rates shown for products available from panel lenders via Tiimely Home brokers are current based on information from panel lenders and are subject to change without notice. The home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product and the product may not include all the features relevant to you. All applications are subject to lender assessment and approval, and eligibility requirements and terms and conditions apply.

^Comparison rates are based on a loan amount of $150,000 over a 25-year term. They factor in fees associated with applying for the loan, ongoing fees and fees associated with leaving the loan. Tiimely Own fixed loans roll to a variable principal and interest rate at the end of the specified fixed term. If the interest only period is not specified, the comparison rate is calculated on a 5-year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Other important information
+Tiimely Home is known for its fast approvals for Tiimely Own products and responsive service, powered by our technology and supported by our team of experts. Application and approval times are estimates only and not guaranteed. Turnaround times are dependent on individual circumstances. Applications for a Tiimely Own loan may require an assessor to obtain more information. Assessment times for home loan applications made via Tiimely Home brokers are dependent on individual panel lenders.

The information provided does not constitute an offer of credit and does not take into account your objectives, financial situation or individual circumstances. We recommend seeking independent financial, taxation and legal advice to check how the information provided aligns with your individual circumstances.

Tiimely Home receives commissions from Tiimely Own loans and, where customers apply for a loan with the assistance of a Tiimely Home broker, from loans settled with panel lenders. Tiimely Home brokers do not receive individual commissions. More information about the credit services provided by Tiimely Home is available in the Tiimely Home Credit Guide (PDF) and Tiimely Home Broker Credit Guide (PDF).