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Personal loans / Personal loans redraw

What is redraw?

  • A redraw facility is a flexible way to access any additional payments you’ve made on your personal loan. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available.

    Redraw is available on our variable rate personal loans, and there are no redraw fees. Learn more about other loan features or view our Personal Loan Terms and Conditions.

At a glance

  • Benefits of redraw:

    • Pay less interest
      Any money available in your redraw – whether it's $10 or $10,000 – reduces the balance owing, so you’ll be paying less interest on your personal loan
    • Flexibility in managing your available redraw
      You can make extra repayments, or regularly pay more than the minimum required. This may reduce the time it takes you to pay off your personal loan, and build up your available redraw balance

  • Things to consider:

    • Using redraw may increase your repayment amount and how long it takes to pay off your loan
    • It may also increase the total amount of interest you'll need to pay
    • You should consider whether accessing your personal redraw is right for you. Explore other options which may be more suitable, such as accessing home loan redraw, CommBank AdvancePay, our range of credit cards or StepPay

How redraw works

  • How do I get a redraw facility?

    When you take out a personal loan, you agree to make your minimum required repayment every week, fortnight or month over the life of your loan. When you choose to make additional payments above what is required, this becomes your available redraw. For weekly and fortnightly direct debit payers, only funds over and above the minimum required repayments will be available.

  • Do I have a redraw facility?

    Redraw is available on our variable rate personal loan, and there are no fees to redraw. You can check your available redraw balance at any time in NetBank or the CommBank app under your personal loan account’s ‘Available funds’. The available redraw balance will not include repayments made towards your next monthly minimum repayment or uncleared cheques, and may be adjusted on your monthly repayment date. Uncleared direct debit payments, which can take up to five days to clear, may be included in your available redraw.

    Check available redraw

  • How does redraw work over the life of a loan?

    The available redraw on your personal 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. How quickly the redraw balance reduces is different for every customer.

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