With redraw you can make extra repayments on your Home Loan, then withdraw that money again if needed. This can reduce the amount of interest you pay on your loan.

How Does It Work?

When you pay more than your minimum loan repayments, the extra money goes into a 'redraw facility'. For example, if your minimum loan repayment is $500 per month, but you repay $1,200, your available redraw amount would be $700.

Why Should I Consider Redraw?
Flexibility. With redraw you can make extra repayments on your Home Loan, in the knowledge that you will be able to access those funds if needed.

Savings. Making extra repayments will reduce the amount of interest you pay on your loan. You can also save money by accessing your redraw funds instead of taking out a Personal Loan or using a Credit Card, both of which are likely to have higher interest rates than your Home Loan.

How Can I Access Redraw Funds?
If you are a single borrower, you can access redraw by using Internet Banking and clicking on the Redraw icon.

Joint borrowers must download the loan redraw letter.

Click here to download our joint loan redraw authorisation letter.

Fax the completed letter to 03 9813 5733 or mail to Victoria Teachers Credit Union, P.O. Box 338 , Camberwell 3124.

How Can I Find Out More?

For more information on our redraw facility, call our friendly Member Service Consultants on 1300 654 822.