If you have redraw enabled, you can easily redraw from your loan in the BCU Bank app by transferring funds between your accounts.
- From the Transfer or Pay someone screen, select your home loan as the 'From' account.
- You can transfer up to the amount shown as 'available' in your loan balance. This amount takes your upcoming minimum monthly payment into account, ensuring that redrawing won't cause you to fall behind on repayments.
For example, if you’ve paid an additional $9,000 into your loan and your next repayment is $1,500, your 'available' balance will be $7,500. Your 'in advance' amount will show the total amount you've paid in addition to your required repayments.
If you don't already have redraw set up, you'll need an eligible loan and to return a completed Redraw Authority Nomination Form - PDF (71kB) to us via secure mail or in a BCU Bank branch.