Compare home loans with no redraw fee

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Last updated on 12 Dec 2019

Compare no redraw fee home loans

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Home loans with no redraw fee 

Before you agree to take on a home loan it is necessary to understand the facilities many home loan providers offer if you find yourself suffering financial difficulties, or if perhaps you just want some extra cash for a holiday or a new car. Some home loan lenders offer such a redraw option and that may be something for you to consider when deciding on a lender. Providers sometimes attach fees when you choose to redraw repayments but many offer zero fees if you have multiple loans with the provider, or have signed up to a special home loan.

What does redraw mean? 

Quite simply the redraw facility is the ability to access payments you have made on your loan when you’ve made extra repayments above the minimum requirement. You can choose to make extra repayments during any part of the loan and then redraw them to use when needed. In some cases it can be difficult to determine whether a home loan provider charges redraw fees. Home loan comparison websites like RateCity are one of the best ways you can quickly and easily find out the basic features of home loans and they often include the redraw feature in their comparisons. 

Why should you use the redraw facility?

Using the redraw facility can be a great option for you, both as a way to reduce interest costs by making extra payments and as a flexible way to access funds when needed. The ability to redraw funds can be an incentive for you to make extra repayments on a home loan because you can access the funds whenever you need them. Making extra repayments is the best way to decrease the cost of the loan over its life by reducing the total amount of interest you pay. Mortgage calculators will indicate the large amounts you can save by making extra repayments. As well as saving money in the long-term, having the option to redraw can be a great way to save funds for emergencies.

What redraw fees do providers charge?

There are different ways in which home loan providers can charge you for the redraw facility. Many have an additional fee on the total cost of the home loan for having the option to redraw funds. Others choose to charge you a one-off fee each time you redraw funds from your home loan, or charge you each time you redraw over a specified limit. As you can see none of these home loans are ‘no redraw fee’ options. Providers may also limit or restrict the amount you can redraw. The best way to prevent any future problems is to check home loan providers’ policies or use a comprehensive home loan comparison website.


​Nick Bendel is a senior property and personal finance writer for RateCity, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.​


^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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