Loan redraw

Our redraw facility on variable interest rate home loans allows you to withdraw directly from your home loan account any repayments you've made that are more than your contractual repayments.

The minimum redraw amount is $50 and the maximum is the amount of advance repayments you've made. You can make as many redraws as you like and there's no fee to do so.

How to redraw via internet banking

  1. Log in to internet banking.
  2. Go to Accounts > List of Accounts.
  3. Select the home loan account you wish to redraw from.
  4. Select the Transfer or BPAY tab.
  5. Complete the transfer details1.
  6. Amend the amount you wish to redraw in the Amount field (note: this amount is always pre-populated with the maximum redraw amount available). Ensure the amount is more than $50.
  7. Select when you wish to make the transfer and then click on Next.
  8. Enter your internet banking password and select OK.
  9. If you have transferred to another BankVic account, the funds have now transferred. For transfers to external accounts, it will take 1 - 2 business days before the funds become available.

How to redraw via mobile banking or BankVic app

  1. Log in to mobile banking, or launch the BankVic App and select Mobile Banking.
  2. Select Payments
  3. Select Transfer or BPAY.
  4. Select the redraw account you wish to transfer from.
  5. Select who you wish to Transfer to. You can choose to transfer to your list of internal accounts, internal or external personal payees. Alternatively, to transfer to a new payee, choose Pay New and then enter the BSB and bank account details of the person whom you wish to pay1.
  6. Choose when you wish to make the transfer, either Pay Now, Once On or Recurring. If you select Once On or Recurring, you'll be prompted to enter the date on which you wish to make the payment.
  7. Click on Next and you'll be prompted to either cancel, modify or confirm the transaction.
  8. Choose Confirm and enter your mobile banking password again before clicking Enter to complete the transfer.

How to redraw via automated telephone banking

Make sure when you set up your loan that you have requested we link your home to your automated telephone banking account structure.

  1. Call 13 63 73
  2. Select option 1 for Rapid Response and enter your 4 digit rapid response code
  3. Option 1 for transfer money between selected accounts.
  4. Option 4 for redraw advance mortgage payments and follow the prompts accordingly.

Other ways to redraw

More information

Remember to read General Information, Terms and Conditions (PDF) which contains the terms and conditions for our online and telephone banking.  The terms and conditions for redraw are within the Offer and Terms of your Loan Contract.

1 Important note: Please check the account details you have entered – the account name cannot be verified by us prior to sending your funds. Incorrect information may result in funds being credited to the account of an unintended recipient if the BSB number and/or account number do not belong to the named recipient. If you have made an error, contact us immediately and we will investigate your Mistaken Internet Payment, contact the receiving financial institution and request that they return the funds. Please note, it may not be possible to recover your funds from an unintended recipient.
How we can action a Mistaken Internet Payments is detailed within the terms and conditions for online and telephone banking and governed by the ePayments Code. Ask us about the ePayments code or visit the Australian Securities and Investments Commission website.

BSB: 704-230

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