This feature allows you to make extra payments on your mortgage and then borrow from that money if needed. Redrawing may extend the life of the loan and increase your repayments.
Loan facility whereby you can make additional repayments and then access these funds when necessary. Limitations such as minimum redraw amount and a withdrawal fee often apply
A loan where the borrower can make additional payments and then access those funds when required. There may be a minimum redraw amount.
A loan where the borrower can make additional payments and then access these funds if necessary. There may be a minimum redraw amount and a fee associated with withdrawal.
A facility that allows additional repayments made on a loan to be accessed, or drawn on by the borrower, at any time.
a loan facility where you can make additional payments on a loan with the option of accessing this money if it is needed in the future.
The component of your variable rate loan into which you can make extra repayments when you can afford to, and later draw on these funds if you need to.
Feature of a loan that allows borrowers to access any additional repayments they have made.
This facility is found on many loan products, and allows you to redraw funds from your loan that you have paid in advance. For instance, if you have been making extra repayments on your loan and are $10000 in advance with your repayments, with a redraw facility you would be able to take the $10000 (or a portion of it) out of your home loan. Restrictions usually apply (i.e. there may be a minimum amount you are allowed to redraw), and you may be charged a fee for redrawing.
Allows borrower to draw upon extra repayment amounts on current loan
a loan facility whereby you can make additional repayments on your loan and then access these extra funds when necessary
When you are ahead of loan repayments or have put extra funds into the loan, this facility allows for redrawing of those funds. This effectively allows for the purchase of additional goods without having to apply for finance, it also allows for the purchase of new goods at home loan interest rates which are often cheaper.
A redraw facility allows you to make additional repayments on your mortgage, and then have access to the additional repayments if you need to. Make sure you understand the conditions attached to the redraw facility that can include a minimum amount and a fee every time you use it.
Indicates whether the loan allows the borrower to redraw funds.
a redraw facility allows you to have access to additional loan repayments you have made above the minimum requirements. Generally this facility is available for variable rates only.
a loan where you can make extra payments and then access those funds later