Information for existing customers to find out more about your home loan options
A redraw facility allows you to make additional repayments into your loan account and then access these extra funds when necessary. It has two key advantages: it encourages borrowers to make extra repayments, thereby saving on interest costs; and it provides flexible access to funds when they are most needed.
A redraw facility allows you to make additional repayments into your loan account and then access these extra funds when necessary A redraw facility is a common feature on all but the most basic variable rate home loans. Its two key advantages are:
A redraw facility gives you the flexibility to put more towards the loan when you have cash available, whilst knowing you can access your extra repayments later on if you wish to. Of course, there’s a great incentive not to access them – you could repay your debt faster and save money on interest changes. All RAMS home loans have a redraw facility. Minimum redraw amounts and fees may apply, so check the individual product features for full details of fees and conditions.
The benefits of a RAMS redraw facility include:
A redraw facility usually works best for borrowers who only need occasional access to their extra repayments.
If you intend to use your home loan as your main transaction account, a line of credit loan may be more appropriate. RAMS Line of Credit allows you to deposit the bulk of your income on the loan and then access your money as required via ATM, EFTPOS and chequebook access. Each month the loan account balance is reduced by any deposits and increased by credit transactions or cash withdrawals.
RAMS will debit your account with unpaid interest on the first day of every month. Ensure enough funds remain available to cover your home loan repayments and the interest charge
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