Redraw from "available" funds - fixed loan

Discussion in 'Loans & Mortgage Brokers' started by wylie, 18th Oct, 2019.

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  1. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    12,466
    Location:
    Brisbane
    We have a loan fixed for one more month.

    I have $27k sitting available for redraw, and wish to spread this over a few other loans to get a few months ahead of our repayments, so it would be moving from one loan's "available" column to other loan's "available" columns. These loans are all investment loans (Westpac).

    Is there any reason I need to wait another month when this loan moves from fixed to variable P&I to do this?
     
  2. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    12,466
    Location:
    Brisbane
    Called Westpac and had confirmed as long as I kept the redraw available balance under $30k I would not trigger a break.

    Meaning, I was able to withdraw funds as planned and move them to different loans to put myself ahead for several months.
     
    datto, Marg4000, Morgs and 1 other person like this.

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