Redraw Facility

A feature on some loans that allows you to withdraw extra repayments you have made above the minimum required amount.

In More Detail

Redraw facilities differ from offset accounts in how they interact with tax deductibility if the property is ever used for investment purposes — this is a common area where speaking to both your broker and accountant is worthwhile.

When to Seek Help

If you plan to make extra repayments and may want access to those funds later, ask your broker whether redraw or offset better suits your plans.