Help & support
A redraw facility allows you to access additional payments that you've made on your home loan. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available.
Redraw is available on most CommBank variable rate home loans, and there are no fees to redraw.
Any money available in your redraw – whether its $10 or $10,000 – reduces the balance owing on your home loan. This means you’ll be paying less interest on your home loan.
You can make additional one-off lump sum repayments or regularly pay more than your minimum required repayment. This may reduce the time it takes you to pay off your home loan and build up the redraw balance you have available to withdraw later.
Remember, if you choose to withdraw money from your available redraw, your home loan balance, repayments and the time it takes to pay off your loan will increase.
Having redraw may also give you the opportunity to take a break (repayment holiday) from upcoming scheduled repayments. You may be able to use the additional repayments you’ve made to put future repayments on hold for a period of time (from three to up to 12 months), giving you the control to use your money when it’s needed the most.
To apply for a repayment holiday from your existing CommBank home loan, you can contact us or visit your nearest branch.
Redraw is available on most CommBank variable rate home loans, and there are no fees to redraw. You should have access to redraw unless your home loan is one of the following products:
If you're switching your home loan, you should consider if the new loan type has a redraw facility. For example, if you switch from a Standard Variable Rate home loan to a Fixed Rate home loan you'll lose access to a redraw facility during the fixed rate period.
You can find out how much you have available for redraw at any time in NetBank under your home loan account’s ‘Available funds’ and in the CommBank app.
When you take out a home loan, you agree to make your minimum required repayment every week, fortnight or month over the life of your loan. Should you choose to make additional payments over and above what is required, this becomes ‘Available Redraw’. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available. You can check your available redraw balance for your eligible CommBank home loan in NetBank or the CommBank app.
The total redraw balance shows the amount you’re ahead on your loan, which increases as you make additional repayments. This will include any repayments made towards your next monthly minimum repayment, uncleared cheques and pending redraw adjustments.
For weekly and fortnightly direct debit payers, the available redraw balance will not include payments made towards your next monthly minimum repayment. The available redraw balance will not include uncleared cheques and may have been adjusted on your monthly repayment date.
The available redraw on your home loan may reduce so that by the end of your agreed loan term, both your loan balance and the available redraw will be zero. Adjustments to your available redraw will occur on your monthly repayment date to help manage this.
The rate at which your redraw balance will reduce depends on a number of factors and is different for every customer.
To see an example of what this looks like, and for more information on how redraw works please refer to our Redraw guide.
Redraw allows you to access additional payments that you've made on your home loan. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available. The money in your redraw account may reduce over the life of your loan so that, by the end of your agreed loan term, both your loan balance and the available redraw will be zero.
A CommBank Everyday Offset is a separate account linked to your eligible Standard Variable Rate home loan or Investment home loan, while redraw is a feature available on some eligible variable rate home loans. Both can help:
If you’re currently using a redraw facility to deposit money that you plan on using later, an Everyday Offset may be more suitable if you plan on using the money more regularly.
Uncleared Direct Debit payments, which can take up to 5 days to clear, may be included in your available redraw.
Get help from Ceba in the CommBank app or connect with a specialist who can message you back. You’ll need CommBank app notifications turned on so you know when you’ve received a reply.
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Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice.
