RateCity
Redraw Facility
If you are thinking about a home loan, you may want to consider whether you will need a redraw facility as a feature of the loan. Many home loans have a redraw facility included but some loans such as a 'no frills' basic loans may not have a redraw facility option available.
A redraw facility allows you to draw on the extra repayments you have deposited into your loan. While an offset account allows you to deposit extra repayments, the redraw facility enables you to take that money back out if you need it. A redraw facility is a great feature if you plan to use an offset account for your savings rather than a savings account, which will save you more in interest.
The table below shows today's best three year fixed rate home loans.
A redraw facility allows you to draw on the extra repayments you have deposited into your loan. While an offset account allows you to deposit extra repayments, the redraw facility enables you to take that money back out if you need it. A redraw facility is a great feature if you plan to use an offset account for your savings rather than a savings account, which will save you more in interest.
The table below shows today's best three year fixed rate home loans.
