Frequently Asked Questions

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.

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