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 You can use the funds withdrawn for any purpose.
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.
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.
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:
How do I activate online redraw?
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.
A complete range of how to's and step-by-step guides to help you with your internet banking at Heritage.