Total Money - Principal paid off


#1

Question about the Total Money product:

Let’s say I have a Total Money loan that had an original principal amount of $10k. Now, some time later, I have paid off $2k of this principal - am I able to get access to this paid off principal without a restructure?


#2

Sounds like you’re talking about a re-draw.

Taken from - https://www.bnz.co.nz/personal-banking/home-loans/manage-your-loan/top-ups#redraw

Get your extra repayments back

If you’ve made extra repayments to your home loan (on top of your regular minimum repayments), you may be eligible to borrow back (‘re-draw’) these additional repayments, without having to go through the full application process.5 The minimum amount you can borrow back is $3,000.

Unfortunately, you can’t do this if:
•you have a home loan on a fixed interest rate
•you have an interest only home loan
•you want to use the re-drawn amount for home renovations or construction that requires a building permit
•you’ve paid off a significant amount of your home loan through the sale of property
•the amount you want to borrow is more than the total of your extra repayments.


#3

Thanks, it sure does sound like that. Just not clear on how to do this.


#4

Probably best to have a chat to a staff member.
Would be interested to hear how you get on if you do give them a call.


#5

Hi @ouq77! I would recommend calling our Home Lending team on 0800 080 222 to have a chat about how we can help you with your TotalMoney loan :slight_smile: Thanks, Emma