A redraw facility gives you the ability to access additional repayments that you’ve made on your home loan, over and above the minimum monthly repayments. You can make regular contributions or a one-off lump sum contribution to your redraw facility.
All transfer must be made using a BSB and account number. Funds may be transferred to any Australian domestic bank account, subject to the following limitations:
The maximum amount you can transfer per day across all such accounts is $100,000. If there is more than one of you (more than one borrower) the maximum amount you can each transfer per day across all such accounts is $100,000.
Additional verification of your log in details and/or identity may be required when we consider appropriate, for example where transfers exceed a certain amount in one day.
If there is more than one of you (more than one borrower), we may require each of you to provide permission for the transaction to occur (see clauses A.16.5 and A.16.6). This permission must be given within certain timeframes.
The other financial institution you are transferring funds to may have limitations as to the transactions permitted to credit the account.