What is redraw?

If you've paid more than your minimum repayments, you may be able to access those extra funds through redraw. You can add to redraw anytime, whether it’s a regular deposit or a one-off lump sum.

And the best part? Withdrawals are instant. Just ensure you have enough in redraw to meet your monthly repayment by the due date each month.

How redraw helps you save

When you keep money in redraw, it reduces your total loan balance - and that means less interest charged.

Let’s say your principal loan balance is $500,000 and you’ve got $100,000 in redraw. Your total loan balance becomes $400,000, and interest is calculated on that lower amount. That means more of your repayment goes towards paying off your loan, not interest.

Because interest is calculated daily, even short-term deposits into redraw can help reduce your monthly interest charges. Over time, this can help you pay off your loan faster.

The above image is for example purposes only and doesn’t include real calculations*

How to access your funds in redraw

You can transfer funds from your redraw to an eligible Australian bank account using a BSB and account number. Here’s how it works:

The default daily withdrawal limit is $20,000. You can update this limit if needed. See below
The maximum transfer amount per day is $100,000, per borrower. This applies across all loans you hold with us.
If your loan has more than one borrower, each person can transfer up to $100,000 per day.
If there’s more than one borrower, we may need each person to approve the transaction within a set timeframe (see clause A.16.6 of the Unloan Terms and Conditions).
The bank you’re transferring to might have its own rules about incoming payments.

First time withdrawals

To help keep your money safe, we hold any outgoing payments for 24 hours after you add a new payee. This gives you time to spot and stop anything suspicious, just in case.

How to increase your daily limit

Your daily withdrawal limit is set to $20,000, by default. You can increase this to a maximum of $100,000 by following these steps

Log in to your Unloan account
Head to Settings - This can be found down on the bottom right corner in app or the top left of screen on web
Select Daily Transfer Limit
Enter your new limit

If you have a co-borrower, they’ll need to log in to approve the request.

Things to keep in mind

You might be able to redraw extra payments: If you've paid more than your minimum repayments, you may be able to access those extra funds through redraw.
How redraw is calculated: Each month, we work out how much you can redraw by comparing what your loan balance should be (if you only made minimum repayments) with what it actually is. The difference is your Available Redraw.
Your redraw amount can change: We may adjust your Available Redraw during the month based on things like extra payments, fees, or other transactions.
Redraw can reduce over time: Even if you don’t use it, your Available Redraw might go down—especially if you reduce your payments or interest rates change
You can use redraw to reduce your loan: If you ask us and we agree, we can use your Available Redraw to lower your loan amount and repayments.
We may cancel or suspend redraw: We can do this without notice if we believe there’s a valid reason, like your loan being nearly paid off, a default, or legal obligations.
We’ll let you know: If we cancel or suspend redraw, we’ll notify you (unless we’ve already done so).