Redrawing on Floating Home Loan - any experiences?

#1

Hello

I wonder does anybody have any experience with Redrawing a Home Loan? (NB: not a top-up).

Basically, I am lucky to have some extra cash that I can afford to pay a Lump Sum into my Floating Home Loan, say $20000.

If I were to do so, the only worry is - what if I ever need to access the money in the future. This is highly unlikely, but as with all life events, it is hard to predict.

How easy is it to Redraw the money with BNZ? Does anybody have any experience?

(NB: I do have a Rapid Repay account - the balance is now $0. I could of course consider using TotalMoney, but want to avoid the $10/month fee).

#2

Hi. It isn’t hard, just call the BNZ Contact Centre or call into a Store. There is a form to fill out and they will tell you how much is available to Redraw. It is then sent off for actioning and the funds should be in your nominated account within a day or so.

There is no fee to do this.