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Personal Loan Redraw

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Monthly repayment from


Example interest rate

9.20 %

Comparison rate*

10.58 %

Total charges


Total repayments


Disclaimer: This calculator provides an estimate only and a comparison rate based on the example information provided. Other fees, costs and charges are not included. This calculation is not an offer for credit. The amount you can borrow may vary once you complete a loan application and all the details relevant to our lending criteria are captured and verified. The interest rate for this product is variable and subject to change. Any calculations made by you using this calculator is intended as a guide only.

Personal Loan Redraw

You may find yourself in a situation where you need access to more cash than you had planned for, and it’s times like these that a personal loan redraw facility can come in handy. Whether it’s for unexpected bills or emergencies, when you are finding your cash flow isn’t what you thought it would be, or when you just need a holiday, having easy access to extra cash can be very beneficial. Life is uncertain so having the flexibility to ride out the ups and downs of your cash flow takes away some of the stress.

What is a personal loan redraw facility?

A personal loan redraw facility is an added feature that is available with some personal loans. Not all personal loans have this feature and it’s more common for personal loan redraw facilities to be available on a variable rate personal loan rather than a variable rate personal loan. If a personal loan comes with a redraw facility that means you can draw on any extra funds that you have already paid back on your loan. It allows you to access any repayments you have made that are above the required minimum repayments that you agreed to pay back each month or pay period. A redraw facility gives you the flexibility to make extra repayments on your loan in the times when your expenses are lower or you have extra cash.

What happens when you redraw on a personal loan?

There are several benefits of having a personal loan redraw facility. By making extra payments that you can access later if you need to means you’ll have peace of mind knowing you have funds you can draw on in the case of an emergency such as if you need money for an urgent car or home repairs, or unexpected medical expenses. It will also have the added benefit of reducing your interest payments on your personal loan while you are not using the extra money, as your debt will be lower than it would have been if you had stuck to your minimum repayments. There are other things you could do with this extra money such as keeping it in your savings account, but if you do the calculations you’ll probably find you’ll save more interest by putting the money in your redraw account than in savings account earning minimal interest. And if you don’t end up needing to redraw any of the money back, it will mean you will pay off your personal loan sooner.

How does a personal loan redraw facility work?

To find out how to redraw on a personal loan, you’ll need to check with your particular bank or money lender. If you have a redraw facility set up on your personal loan, it is usually simply a matter of contacting your bank either via phone, online banking, or in-person and requesting it. It is important to note, however, that each bank or money lender who offers a personal loan redraw facility will have varying rules such as different limits on the number of extra payments you can make and redraw, and also how often you can do so. There may also be additional fees associated with making the extra repayments or redrawing money. There may also be exit fees if you pay off the entire loan early. It’s a good idea to check the particular terms and conditions on the personal loan redraw facility before going ahead with the personal loan.  

Although MoneyMe doesn’t have a redraw option for our personal loans, we do offer loan top-ups which can be a good alternative. If you would like to find out more about this, our support team is available 7 days a week by phone on 1300 072 042, via email at or you can get in touch with us online.

Another option to consider if you need extra cash is a credit card. As well as easy loans, MoneyMe also has Freestyle, a virtual Mastercard online credit card that offers up to $20,000 for online shopping, in-store Tap n Pay as well as fast transfers to your bank, and pay anyone features. You can also enjoy up to 55 days interest-free on purchases. As with all our products, the online application is quick and straightforward and you’ll know the outcome in minutes.

Borrow the smarter, faster way

If you are looking for reliable loans online, without all the paperwork, then you’ve come to the right place. At MoneyMe, we understand tech-savvy Australians who are looking for faster, simpler, and more convenient ways of accessing money. Our smart technology allows us to provide personalised, risk-based pricing that means fairer and lower-cost loans for you. Whether you are requesting a loan top up or requesting a new loan, contact us today to see how we can help you get access to money at the time that you need it. At MoneyMe, we provide finance the smarter, faster way!

Our customers

Personal Loan Redraw

Fast, fair and easy. Very happy customer. Happy to get another loan in the future from MONEYME.

Simple process, easy to follow application, quick response time and good support.

I was impressed with how easy and quick the application was. Very happy with their customer service, and the app is very convenient.


Review Stars Out of 2,701 reviews

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Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


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Won’t impact your credit score!
Won't impact your credit score!

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