Common use of Redraw Facility Clause in Contracts

Redraw Facility. 16.1 You can redraw (or reborrow) amounts you’ve prepaid if: (a) the loan agreement states that redraw is available (b) you’re not in default under this contract, (c) you have a deposit account with us; and (d) if we require it, each security provider has approved the redraw. A fee may be payable for redraw. 16.2 You can request a redraw by visiting a branch, through internet banking, through phone banking or by any other method we approve. 16.3 The amount of the redraw must not be less than the minimum amount specified by us, and must not be more than the amount you have repaid early and for which cleared funds have been received. We may reduce the amount otherwise available to you to redraw by an amount approximately equal to the payments due in the current month. 16.4 We’ll make the additional funds available in the deposit account held with us specified by you. 16.5 We may review, suspend or cancel the redraw facility at any time acting reasonably. We’ll notify you if we do. Part C of these terms and conditions sets out additional requirements that apply if your loan is a construction loan.

Redraw Facility. 16.1 You can redraw (or reborrow) amounts you’ve prepaid if: (a) the loan agreement states that redraw is available (b) you’re not in default under this contract, (c) you have a deposit account with us; and (d) if we require it, each security provider has approved the redraw. A fee may be payable for redraw. 16.2 You can request a redraw by visiting a branch, through internet banking, through phone banking or by any other method we approve. 16.3 The amount of the redraw must not be less than the minimum amount specified by us, and must not be more than the amount you have repaid early and for which cleared funds have been received. We may reduce the amount otherwise available to you to redraw by an amount approximately equal to the payments due in the current month. 16.4 We’ll make the additional funds available in the deposit account held with us specified by you. 16.5 We may review, suspend or cancel the redraw facility at any time acting reasonably. We’ll notify you if we do. Part C of these terms and conditions sets out additional requirements that apply if your loan is a construction loan.