Redraw FAQs

Frequently asked questions and answers to help you redraw 'Payments in Advance' from your eligible home loan or personal loan.

What is a loan redraw facility?

If you’ve paid off more than the minimum required amount on your eligible home or personal loan (also known as ‘Payments in Advance’), you can make a redraw request to withdraw the extra money you’ve paid. 

Heritage offers you the convenience of redrawing payments you’ve made in advance on your eligible home or personal loan when you need them. You can use the funds withdrawn for any purpose. 


What happens to my loan when I redraw ‘Payments in Advance’? 

The current balance owing on your loan will increase immediately by the amount redrawn and the redrawn amount will show as a ‘withdrawal’ transaction on your loan account. 


Interest is calculated on your loan on a daily basis by applying the daily percentage rate to the Outstanding Amount of Credit as at the end of each day. Because redraw increases the amount of money you own (Oustanding Amount of Credit), this affects your interest charges. The term of your loan will not change, as a result of completing a redraw transaction. 


What do I need to consider before redrawing ‘Payments in Advance’? 

You’ll need to consider what the amount of your next ‘repayment’ will be and ensure there is sufficient funds available to cover this repayment amount. Should you fail to make the next repayment by the due date, then your loan will be in arrears and Heritage may apply additional fees and charges, as well as make contact with you for being in default under your Credit Contract. 

If you need to confirm what your next repayment amount is before completing a Redraw Transaction, you can obtain this information by contacting us on 13 14 22 or via Heritage Online.

For more information on redraw refer to our Help and Guidance Article Redraw from your Home Loan or Personal Loan.

How do I redraw 'Payments in Advance' from my loan?

You can redraw 'Payments in Advance' either online or in-branch.


To redraw online through Heritage Online or the Heritage Mobile Banking App, you will need to be registered for internet banking and online redraw.

If you are not registered for online redraw you will need to complete and return the applicable Online Redraw Authority form below, signed by all borrowers on the loan (excluding Guarantors).

Note: Online redraw transfer amounts are subject to your existing Heritage Online transfer limits. 


You will need to complete an Application to Redraw Payments in Advance form. Access this form from our website or simply contact us to request a copy.


How does online redraw work?

With online redraw you can tap into additional payments you’ve made on your eligible home or personal loans 24/7, from the convenience of your computer or mobile phone.

If you have 'Payments in Advance' available and have activated online redraw, simply log on to Heritage Online or the Mobile Banking App to transfer.

  • Online redraw for eligible loans is free.
  • Online redraw transfers can only be made to an Australian bank account, either at Heritage or to another Australian financial institution i.e. no BPAY® payments.
  • Any online redraw transfer amounts must fall within your existing Heritage Online internet banking limits. If you would like to transfer an amount outside of this, please call 13 14 22 or visit your nearest branch.
  • NPP faster payment capability is not available for Heritage online redraw transactions.

What loans are eligible for online redraw?

Online redraw is available on most personal loans and home loans, and our Fully Drawn Business Loan. Online redraw is not available on: 

  • Business Banking Equipment Loans;
  • SMSF Loans (Self Managed Super Funds); and
  • Bridging Loans.

Other restrictions may apply. Contact us on 13 14 22 or your local branch to see if your personal, business or home loan is eligible for online redraw.

How do I activate online redraw?

1. Check your eligibility for online redraw. Contact us on 13 14 22 or talk to your local branch to see if your loan is eligible for the online redraw feature.

2. Make sure you're registered for Heritage Online to access the online redraw feature via internet banking or our Mobile Banking App.

3. Complete the applicable Online Redraw Authority form below and return it to us. It will need to be signed by all borrowers on the loan (excluding Guarantors).

4. Once we receive your form and confirm it is signed by all borrowers, we will activate the online redraw feature on your loan within two business days.

How do I deactivate online redraw?

You have the flexibility to deactivate the online redraw feature at any time, if you choose. 

To deactivate this feature, please complete and return our Online Redraw Authority form. If there are two or more borrowers on your loan, only ONE Borrower will need to sign the form and return it to us to deactivate this feature.

Are there any transfer limits for online redraw?

Yes. The amount of funds you can transfer via online redraw from an eligible personal or home loan is subject to your existing Heritage Online transfer limits. This helps to keep your account secure.

Please note for security reasons, transfer limits cannot be increased online.

Contact us on 13 14 22 anytime and request to increase your transfer limits. You can request to increase your daily account transfer and BPAY® limits up to the maximum amounts listed in the Fees and Limits Guide

If the amount you need to transfer is higher than the maximum daily limits, you will need to complete an Application to Redraw Payments in Advance form.

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