It’s great to have your money working for you, yet not tied up. So with a redraw feature on your home loan you can conveniently access any extra payments you make on your loan above the minimum repayment requirement.
That way your money can be paying off your home loan when you don’t need it, and be easily withdrawn when you do.
You just need to be in advance on your home loan by one month, then you can redraw any amount from any extra money you pay in.
Benefits
- Reduce the interest you need to pay on your home loan
- Pay off your home loan sooner by decreasing the life of the loan
- Convenient access to your money
- No minimum withdrawal
- Redraw is available on a range of MyState Bank Home Loan products
Loans eligible for redraw
You can withdraw from these MyState Bank home loans:
Making a redraw is easy
Before you redraw be sure to check that you will still have enough money left to cover your next monthly repayment.
To redraw online, simply log into Internet Banking and see your home loan listed on the accounts page. Select the loan redraw link or symbol, which lives under the current balance of your account and transfer the money into your MyState Bank transaction account.
Otherwise, simply call Customer Care to have us talk you through the details.