Your home loan redraw facility
Withdraw extra payments you have made on your home loan.
Redraw
Our redraw facility is a feature on all Fixed Rate, Basic and Standard Variable with offset home loans. It lets you make extra payments on your home loan to pay it off faster, and save on interest.
Then, if you ever need to access your extra funds for any reason, you can withdraw (redraw) them. This way, you can continue paying off your loan and tapping into your spare funds, without extending the original term of your loan. Even better, there's no fee to use your redraw facility2.
Redraw limits
| Extra repayment limit | Redraw limit | |
|---|---|---|
Variable loan |
Unlimited |
$100k daily (in-branch $30k) |
Loan fixed after 18/08/2019 |
$30k total during your fixed term (break cost1 if exceeded) |
$30k total during your fixed term |
Loan fixed before 18/08/2019 |
$10k per year, and $30k total during your fixed term (if exceeded, a break cost1 may apply) |
$10k per year |
How to Redraw
If you’ve already registered for redraw via Internet or Phone Banking, it’s as easy as transferring your ‘available’ funds from your home loan into your preferred account via Internet or Phone Banking.
- Any extra repayments made since your most recent repayment date can only be redrawn after your next scheduled repayment date has passed.
- Fixed rate loan redraw is only available for extra repayments paid into the loan during the current fixed rate term, up to the value of the prepayment threshold1. This is the case even though your statement may show these amounts as ‘available’ funds.
Haven’t registered for redraw yet?
To activate your redraw facility, sign in and go to services in your home loan, then Manage Home Loan redraw and follow the instructions. Or complete the Home Loan Redraw Form (PDF 83KB) and drop it into any St.George branch, or email back to us at loansadministration@stgeorge.com.au. Redraw activation can take up to 1 day online, and up to 1 week after we’ve received your form.
Frequently asked questions
When you fix your entire variable home loan:
- you'll no longer be able to make unlimited fee-free extra repayments, as there may be a fixed term break cost1 if you prepay more than $30k
- during your new fixed rate term, you’ll be able to make extra repayments up to $30k without a break cost1, (though you’ll be able to redraw all of these funds anytime, with no redraw fee2)
- you'll no longer be able to link a 100% offset account to your home loan.
So beforehand, it's important to consider what you’d like to do with any funds available for redraw on your home loan account.
When fixing your loan in Internet Banking, you’ll be asked what you’d like to do with your available balance (if your redraw isn’t activated, we may ask you to call us instead):
‘Redraw funds’
- Transfer your ‘available’ redraw balance to another St.George account before fixing your loan (there's no redraw fee).
- Your fixed loan balance will increase.
'Keep funds in loan account'
Your extra repayments will be ‘temporarily absorbed’ into your loan, and can only be accessed at the end of the fixed rate term.
Find out more about our Fixed rate home loan.
Example
Let’s say Sam has a -$550k variable home loan balance (as she has a $50k redraw ‘available’ balance).
- Sam redraws funds. This will increase the amount Sam owes on her fixed rate loan to -$600k. She’ll have access to the redrawn $50k in another account.
- Sam keeps funds in loan account. The amount Sam owes on her new fixed rate loan remains -$550k. She can only access the $50k at the end of her fixed term.
During Sam's new fixed rate term, she'll be able to make extra repayments up to $30k without a break cost, and redraw all of these funds anytime, with no redraw fee2.
Manage your home loan
Interest rates and calculators
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 33 30.
1Break costs: $30,000 prepayment threshold for the entire fixed period without break costs or fees applying. For fixed rate loans taken up prior to 18 August 2019, customers can make prepayments of up to the $10,000 prepayment threshold in each 12 month period without break cost or fees applying. Prepayment break costs are explained in the Things You Should Know About Break Costs (PDF 202KB).
2Redraw facility: if you have 'available funds' (you’re ahead on your home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (in-branch it’s $30k). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Form (PDF 83KB) for full details.