Redraw FAQs

What is a loan redraw facility?

If you’ve paid off more than the minimum required amount on your home 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 loans when you need them. 

This means you can use your funds for any purpose at any time and can continue to pay off your loan without extending the original term of your loan.

There are two ways you can redraw funds:

  • Complete an Application to Redraw Payments in Advance form. Access this form from our website or simply contact us to request a copy.
  • Online via internet banking or Heritage’s Mobile Banking App (transfer amounts subject to your existing Heritage Online limits).   

To activate the online redraw feature you will need to be registered for internet banking and complete a Redraw Authority form, signed by all borrowers on the loan.


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.

It works the same way as transferring funds from any other account online via internet banking or the Heritage Mobile Banking App.

If you have Payments in Advance available, simply log on to Heritage Online or the app to transfer. Then, select your eligible loan account to withdraw funds from and then select the account you would like to transfer the funds to (subject to existing Heritage Online limits and standard transfer times between accounts).

  • 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, excluding:

  • SMSF Loans
  • Business Banking Loans
  • Bridging Loans.

Other restrictions may apply. Please visit your nearest Heritage branch or call us on 13 14 22 to see if your personal or home loan is eligible for online redraw.

How do I activate online redraw?

1. Check your eligibility for online redraw. You can contact us on 13 14 22 or visit your nearest 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 Redraw Authority form and return it to us. It will need to be signed by all borrowers on the loan (excluding Guarantors). You can access the Redraw Authority form online today.

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 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.You can access the Online Redraw Authority form online today or contact us to request a copy.


Are there any transfer limit restrictions with online redraw?

Yes. The amount of funds you can transfer via online redraw from an eligible personal or home loan is governed by your existing individual Heritage internet banking limits. 

If you want to transfer an amount that is higher than your available daily internet banking limit you will not be able to do this online.

Instead you will need to complete an Application to Redraw Payments in Advance form.

More FAQs

Internet Banking Help Centre

Get started with internet banking, manage your details, view statements, transfer money and manage your passwords.