Redrawing: Three Fun Facts
At CWCU we strive to offer a service that allows flexibility and simplicity for your loans process. We understand everyone has their ups and downs. That’s why our redraw facility is so fantastic.
Fun Fact No. 1: You can reduce the amount of interest over the life of your loan by making additional repayments
When you take out a home loan, depending on the amount there is a minimum repayment that must be made regularly. However, with a loan that includes a redraw facility, you can make additional repayments on your loan, which then reduce the term of the loan - and reduce the amount of interest paid. These can be one off lump sum payments when you have extra cash on hand, or a conscious decision to make regular additional payments every fortnight. Either way, the benefit can be substantial.
Fun Fact No. 2: You can withdraw these repayments at later date, should you need the money
Here is the thing. Sometimes we are ambitious with extra cash and want to put it in a sensible place. This is when you might make one of these additional repayments on a loan, to get ahead. This is fantastic and we highly encourage it! However, at CWCU we know - life happens. Sometimes we get in a situation where we need a large amount of cash. A redraw facility allows you to access that money from your additional repayments.
Fun Fact No. 3: It’s so very simple and quick
Redrawing can be done in minutes online. Or better yet, head into one of our branches and talk to our friendly staff. There is no need to complete a formal application and it can be done for any purpose - it’s up to you!