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How does a home loan redraw work?

How does a home loan redraw work?

A redraw facility lets you access any additional repayments you've made towards your home loan on top of your minimum repayments for eligible home loans.

If you choose to pay more than your minimum repayments, the additional balance will appear in your home loan account that you can re-access if you need it.

There may be fees associated with a redraw and it could also affect the interest you pay on your home loan.

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