What is a Loan Redraw?
If you’ve saved well and have paid additional repayments on your home loan (above your minimum scheduled repayments) some BOQ home loans provide you the ability to access those extra repayments.
You could access these repayments (“redraw”) to pay for costs like renovations, cover unexpected family bills or pay for that well earned holiday.
For BOQ customers, redraw (often referred to as a "redraw facility") is available on our variable home loans but not on the fixed-rate loans.
You can learn more about redrawing on home loans by speaking to your local branch or contacting our contact centre on 1300 55 72 72.
How does redraw with a BOQ home loan work?
If you add your variable home loan to your Internet Banking, you will automatically have access to electronic redraw which means you can immediately access any extra repayments you’ve made to your home loan. To understand the balance you have available for redraw, log onto your Internet Banking platform (or through the BOQ Mobile App), select your variable home loan and check the value under ‘Available Balance’.
To redraw, simply select 'Transfer Money', select your home loan account and the account which you want to transfer to.
BOQ customers can redraw an unlimited number of times, with a minimum redraw of $100.00.
No forms needed.
You can also visit your local branch and they can help you with any redraw questions.
Important note: BOQ loan repayments are processed on a monthly basis. If you make your repayments on a weekly or fortnightly basis, those payments made before the monthly due date of your loan will appear to be amounts available for redraw. You must take this into consideration when redrawing funds from your loan account and must ensure that you leave sufficient funds in your loan account to meet your next minimum monthly repayment.
Any amount redrawn from your additional repayments will automatically be added back onto your home loan and your interest payments will increase accordingly. Ensure you’ve calculated these changes and your ability to manage these loan repayments. If you have any questions, please speak to your local branch or contact our contact centre on 1300 55 72 72.
