If you’re ahead on your repayments, most of ME’s loans let you take money out of your loan to use for something else – useful if you find yourself short on funds, or you just want to make a big purchase.

Of course, withdrawing funds back out of your loan adds to the amount left owing, which may also increase your minimum repayment amount.

Minimum redraw amount

There’s no fee for making a redraw from your loan, and you can make redraws as often as you like, but for each redraw you need to take out at least $500.

Internet banking

Here’s how to get your redraw:
  1. Log in to internet banking.
  2. Click ‘pay & transfer’ in the top menu, and choose ‘transfer between accounts’.
  3. Choose the home loan you’re taking the money out of, the account you’re depositing it to, and the amount you’re redrawing.
  4. Click ‘continue’ and then ‘confirm’ to finalise your redraw.
 
Here’s a quick demo on how it’s done:

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