ANZ Redraw

Here’s an example.

• Say the minimum monthly repayment on your home loan is $1,000.
• You decide to pay an extra $100 a month – adding up to $1,200 in extra repayments in one year. These extra repayments have decreased your loan balance by $1,200. 
• While you have an available redraw balance, this will also reduce the amount of interest costs payable each month as compared to the interest costs payable were you not to have an available redraw balance.
• This extra $1,200 may be available for you to redraw at a later date, should you meet the relevant eligibility criteria.
• If you want to redraw these extra funds, you can make a redraw request and the funds will be placed into an ANZ transaction account for you to use as you wish.
• If you redraw $500 from the extra $1,200 in repayments you’ve previously made, this will:
  • Reduce your available redraw balance to $700;
  • Increase your loan balance by $500; and
  • Increase the monthly interest costs of your loan (although you would still be paying less interest costs than if you had no available redraw balance).

Important Note:

When you close out your loan, you will no longer have the ability to redraw the extra repayments you’ve previously made. This is because the extra repayments will be factored in to the calculation of paying off your loan balance.

For example, if your loan amount was $200,000, and you had $50,000 in redraw, your current loan balance would be $150,000. The amount required to pay off your loan would be $150,000, with the $50,000 redraw amount paying off the remainder of the outstanding loan amount. Whereas, if you were to redraw the $50,000 prior to closing out your loan, you would be required to pay $200,000 in full to pay off the loan in this scenario.

The following loans are eligible for ANZ Redraw:

• ANZ Standard Variable Home Loans
• ANZ Simplicity PLUS Home Loans
• ANZ Fixed Home Loans (in a variable rate period)
• ANZ Standard Variable Residential Land Loans 
• ANZ Standard Variable Residential Investment Loans
• ANZ Simplicity PLUS Residential Investment Loans
• ANZ Fixed Residential Investment Loans (in a variable rate period)
• ANZ Standard Variable Residential Investment Land Loans
• ANZ Fixed Interest-in-Advance Residential Investment Loans (in a variable rate period)  

ANZ redraw is not available in the following cases:

• If you have previously defaulted during the loan term.
• During the fixed rate period of an ANZ home loan or Residential Investment Loan, or on home loans in a company name.
• Certain early or additional repayments are not available to be withdrawn, including payments made on a home loan or residential investment loan:
  • prior to 24 November 1997
  • prior to the commencement of the fixed rate period
  • during the fixed rate period that commenced before 8 July 2013
  • during a construction or progressively drawn down period on a loan
  • payments made on a particular day, until after the end of that day (or, if that day is a non-business day, until after the end of the next business day).

  Register for ANZ Redraw (PDF)

  Redraw request (PDF)

  Redraw Deletion Authority form (PDF)