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:
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, 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).
What loans are eligible for online redraw?
Online redraw is available on most personal loans and home loans, excluding:
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?
Please contact us on 13 14 22 or visit your nearest branch to see if your loan is eligible for the online redraw feature.
You will need to be registered for Heritage Online internet banking to access the online redraw feature via internet banking or our mobile banking app.
To activate the online redraw feature you will need to complete a Redraw Authority form, signed by all borrowers on the loan.
If you’re an existing customer, you can access the Redraw Authority form from our website or simply contact us to request a copy. If you're a new customer, this form will be included in your loan documentation.
Heritage will process the form and activate the online redraw feature for you within two business days, provided we have received a fully completed form signed by all borrowers on the loan.
How do I deactivate the online redraw feature?
You have the flexibility to deactivate the online redraw feature at any time, if you choose.
To deactivate this feature, you will need to complete a new Redraw Authority form. If there are two or more borrowers on a loan, only ONE Borrower is required to sign the form and return it to us to deactivate this feature.
You can access the Redraw Authority form from our website or simply contact us to request a copy.
When using online redraw, are there any limit restrictions to transferring funds from an eligible home or personal loan?
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.
Information on internet banking services, regular transfers, password maintenance and managing your details.