Fixing loan with redraw

Discussion in 'Loans & Mortgage Brokers' started by Possumcreek, 27th Jul, 2017.

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  1. Possumcreek

    Possumcreek Well-Known Member

    Joined:
    28th Apr, 2017
    Posts:
    85
    Location:
    Wangaratta, VIC
    One of my loans is PI of 50K with 16K in redraw with ANZ. I enquired about fixing said loan for 2 years.
    I was told that not only would the redraw be unavailable for the 2 years, which I understand, but it would continue to be unavailable for redraw as it would be considered as part of the principle repaid after that.:eek:

    Has anyone ever heard of this? Is this correct?
    The guy in loans department even checked with somebody else when I queried it.