How can I access additional funds on my home loan?

How can i access additional funds?


A redraw facility allows you to access extra repayments that you have made into your home loan. This is beneficial especially when you need additional funds to cover those unexpected costs or contigencies.

How much redraw do I have?
To find out whether you have redraw funds available and to access online redraw facilities, simply log onto Loan Service Net or call our friendly Customer Service team on 1300 650 931 Monday to Friday from 8:00am to 6:00pm AEST.

Once you have logged in to LSN as shown below > Go to the 'Transact' tab > Select 'Redraw'

Select the loan account you wish to withdraw a redraw from. Then, select the linked account to transfer these funds to. You can also use Pay Anyone to transfer your available funds to a different account.

 

You can also request a manual redraw by completing this form and email it to service@pepper.com.au. (Note that a minimum redraw amount of $1,000 applies to manual redraw application).

What are the pros and cons of accessing funds through a redraw?

Pros Cons
There is no change to the credit limit on your loan Any financial buffer you had built up will decrease
Your repayment amount is not affected or changed Your loan balance will increase by the amounts you redraw
You're using your own money There will be less money available should you require access to these funds in the future
No impact to credit history  


In addition to the redraw facility, you can also access your equity by applying for an Additional Advance.

How do I apply for an Additional Advance?
If you need additional funds, you may be able to borrow more from your existing lender in the form of an Additional Advance. Typically, it will be at a different rate from your existing mortgage.

However, before you consider applying for a further advance, you should make sure that:

  • the value of your home has increased significantly beyond the mortgage amount you originally borrowed – this is known as having equity in your property.
  • you’ve got a good credit record, and you feel comfortable with the additional monthly payments and confident you can afford them.

If you’d like to apply for an Additional Advance, call our friendly Customer Service team on 1300 650 931 Monday to Friday 8:00am to 6:00pm AEST or email customerservice@pepper.com.au for further assistance.

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