Loan Redraw

Loan redraw is a product feature that allows the borrower to draw back payments that have been made in advance, or, to draw back amounts that have been previously paid into the mortgage loan over and above the minimum fortnightly or monthly repayment. 

The minimum redraw amount may vary from lender to lender. This means you may need to be ahead on your home loan by a certain amount before you can apply for a redraw of funds.