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Redraw

Redraw is a feature on eligible home loans that allows you to withdraw any extra payments you have made on your home loan.

If you’ve paid off more than the minimum required amount on your home loan, you can make a redraw request to withdraw the extra money you’ve paid. You can use your redrawn funds for any purpose at any time and can continue to pay off your loan without extending the original term of your loan.

A redraw fee may be charged for each request and redraw is subject to the Bank’s approval.  See below for details.

How to Redraw

If you’ve already registered for redraw via Internet or Phone Banking, it’s as easy as transferring your available funds into your preferred account via Internet or Phone Banking.

Otherwise, you can complete the Home Loan Redraw Form and drop it into any BankSA branch, or emailed back to us at loansadministration@banksa.com.au.

For variable rate loans, amounts which you have prepaid under your agreement since your most recent repayment date cannot be redrawn until after your next scheduled repayment date has passed. However, you may not redraw an amount if it would result in the balance owing on your loan account exceeding the amount which would be owing if you had paid all scheduled repayments on time.

For fixed rate loans, redraw is only available for excess funds paid into the loan during the current fixed rate period up to the value of the prepayment threshold. Amounts which you have prepaid under your agreement since your most recent monthly repayment date cannot be redrawn until after your next scheduled repayment date has passed. Any amounts paid prior to the loan being fixed cannot be redrawn. Amounts prepaid in excess of the prepayment threshold are not permitted to be redrawn. This is the case even though your statement may show these amounts as advance repayments.

How to register for Redraw

If you haven’t registered for redraw via Internet or Phone Banking but you’d like the convenience of redraw from your home, while saving on fees, just fill in the Home Loan Redraw Form and you’ll be ready to redraw on your home loan when you need to.

Redraw fees on eligible Home Loans

Each time you make a redraw request, you’ll be charged the applicable fee when your request is approved.

Home Loans eligible for Redraw

Fee for Redraw

Fee for Redraw request made via Internet and Phone Banking

Basic Home Loan

$50

$0

All other home loans

$25

$10

Advantage Package home loans

$25

$0

Essential Home Loan & Great Australian Home Loan

$50

$0

No Deposit Home Loan

$50

$10

Important information

Other upfront fees and costs may apply. The information on our website is prepared without knowing your personal financial circumstances. Before you act on this or any advice, please consider if it’s right for you. If you need help, call 13 13 76.