Redraw

Redraw is a feature provided by some home loan providers in Australia, enabling homeowners to access extra repayments made on their loans. It offers borrowers flexibility to reduce their loan balance and interest payments by making extra repayments while still having the ability to access those funds if needed. Key features include access to extra repayments, interest savings, flexibility, low or no fees, and general availability on variable-rate loans. This feature supports unexpected expenses, home renovations, debt consolidation, and large purchases, providing a balance between reducing debt and maintaining financial flexibility compared to offset accounts.