Have you made additional payments to your loan over and above your contractual repayments?
If so, provided the additional payments received into your loan exceed $1,000, you will be able to redraw them online fee free!
This means that the amount available for redraw over $1,000 will show up as available for withdrawal in both internet and mobile banking.
You can withdraw the advance payments directly from your loan by either:
(a) transferring to your savings account whereby the amount can be withdrawn over the counter, by ATM or by Visa card purchase;
(b) transfer electronically to another financial institution either by normal EFT (24 - 48 hours) or via NPP by OSKO payment (immediate);
(c) perform a BPAY transaction directly from the loan account
You do not have to register for this facility, provided you are in advance of your loan repayments by an amount of $1,000 or more, you will have access to this functionality.
Just a note for joint loans accounts, both parties will need to be registered for either internet or mobile banking as dual authorisation is required regardless of whether or not access to joint savings is open to either party. In these instances, one of the joint borrowers will need to request the transfer and the second party to the joint account will need to authorise the online loan redraw transaction. This will involve an "over the shoulder' authorisation in the case of internet banking however in mobile banking, the pending authorisation will show up in the second persons mobile banking session which will require authorisation by the joint account holder.
For further information, please call into one of our community branches or call one of our friendly Member Service Officers on 1300 369 900.