04 December 2017 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.