• 3 reasons to make use of a redraw facility

    3 reasons to make use of a redraw facility

    Do you need access to extra funds?

    If you need to access additional funds to help cover holiday activities or home improvements, a redraw facility could be a great way to get ahead.

    A redraw facility allows you to make additional repayments into your home loan account and then access these extra funds at a later date when necessary. Here are three great reasons to access a redraw facility, if it is available to you. 

    1.  It gives you flexibility

    A redraw facility gives you the flexibility to put more towards your home loan when you have cash available, whilst knowing you can access your extra repayments later on if you need to. 

    2.  It saves you money

    Because a redraw facility allows access to additional repayments, it encourages borrowers to deposit extra money into their home loan, reducing the amount owing, thereby saving on interest costs.

    3.  It’s free to use for many home loan types

    Unlike some home loan providers and depending on your loan type, there’s a good chance you won’t be charged a fee when you redraw your available funds.  There’s no annual limit on the number of redraws you make and there’s no maximum redraw amount, although you can only access any extra repayments you’ve made.  

    Find out more about redrawing on your home loan. Alternatively, contact your local Home Loan Centre or call us on 13 RAMS, that’s 13 7267.

     

    Things you should know:

    Information in this material does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.  RAMS Financial Group Pty Limited ABN 30 105 207 538 AR 405465 Australian credit licence 388065. Credit provider and issuer of RAMS deposit products: Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

     

     

    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram
     

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.