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Your home loan redraw facility - Online Redraw!

Another way for you to access the prepaid (redrawable) funds of your loan account

On 31 May 2010, an Online Redraw facility was introduced for NMMC HomeLend loan accounts meeting certain eligibility criteria.


You may register for and use Online Redraw when all of the following criteria are met:

  1. Your home loan number is in the format xxxxxxxx/Hxxx.

    If your particular H-designator is H5, you have a line of credit loan account with full transactional options in lieu of Online Redraw.

  2. Your home loan has an active redraw facility.

    A redraw facility is not active during an interest only payment period of a loan. Refer to your loan documentation.

    If your loan does not have a redraw facility at all (refer to your loan documentation), one may be able to be added.

    See also “How can my loan become eligible for Online Redraw?” below.

  3. You are registered (or can/will register) for Bendigo e-banking.

    The electronic banking service for NMMC HomeLend accounts is Bendigo e-banking, provided by NMMC’s parent company Bendigo and Adelaide Bank Limited. The Online Redraw facility is a feature of Bendigo e-banking. You can register for Bendigo e-banking before or at the same time as you register for Online Redraw.

  4. You have (or can/will open) a suitable destination account to which to transfer your redrawn funds within Bendigo e-banking.

    The Online Redraw facility is an internal feature of Bendigo e-banking. Redraw funds can only be transferred from your NMMC HomeLend loan account to a funds destination account within Bendigo e-banking. The destination account can be an H5 or H6 NMMC HomeLend account, or a suitable account with Bendigo Bank (Bendigo e-banking is shared by Bendigo Bank and NMMC HomeLend), but cannot be an account with any other financial institution. If you do not already have a suitable destination account, you can apply at a Bendigo Bank branch to open an appropriate new Bendigo Bank account.

  5. All parties to your loan account (including Guarantors and Third Party Mortgagors) must be able to visit a Bendigo Bank branch at the same time to complete an Online Redraw registration.

    Registration for Online Redraw is a one-time occurrence, that can only be completed in person at a Bendigo Bank branch with all loan parties present together (ensure you have photographic identification with you).


How can my loan become eligible for Online Redraw?

If your home loan is currently subject to an interest only payment period, its redraw facility (including the option for Online Redraw) will only become active when the interest only period ends. Refer to your loan documentation or call us on 1800 061 091 if you require further information.

If your loan does not currently have a redraw facility at all, one can usually be added. Costs will apply. Please call us on 1800 061 091 for more information.


How do I register for Online Redraw?

Once your loan is eligible for Online Redraw, simply attend a Bendigo Bank branch as given in point 5 above, and the branch staff will complete the Online Redraw registration with you (you can also speak to the branch staff at this time if you want to open a new Bendigo Bank funds destination account). There is also further information about the Online Redraw facility within the Bendigo e-banking service itself.


How do I use Online Redraw and how much does it cost?

Once you have met all the above eligibility criteria and have completed the one-off registration for the Online Redraw facility, you will be able to transfer the redraw funds between your applicable accounts within the Bendigo e-banking service.

Your loan’s Terms and Conditions, now incorporating NMMC’s Electronic Banking Conditions of Use, have been updated to accommodate the changes to your loan redraw facility.

You can find the applicable updated full documents here (as referenced in the NMMC Terms and Conditions Updates):

Online Redraw is fee-free. If you have previously been charged a redraw fee to do a manual redraw, this fee will no longer apply when you do redraws using the Online Redraw facility.

Your redrawn funds must initially land in a suitable HomeLend or Bendigo funds destination account within Bendigo e-banking, as given in point 4 above. You can then withdraw your funds from this destination account at a Bendigo Bank branch or by card from an ATM (depending on the type of account you have).

If you wish to use Bendigo e-banking to transfer money online from your Bendigo or HomeLend funds destination account to an external destination using the Pay Anyone facility, you will be required to use a Security Token as added protection for your online banking transactions. A Security Token can be purchased for $20.00 from any Bendigo Bank branch, or call 1300 BENDIGO (1300 236 344) to organise for one to be sent to you. More information on the requirement for and use of a Security Token for Bendigo e-banking can be found in the NMMC Electronic Banking Conditions of Use document (see Parts 3, 6 and 7), which now forms part of your home loan agreement.


Can I still do manual redraws, and how much do they cost?

From 1 July 2010, manual redraws processed for loan accounts that are eligible for Online Redraw will incur a fee of $25.00.


Where can I get further information?

If you need further information on your NMMC HomeLend loan accounts and/or the Online Redraw facility, or if you wish to initially register for Bendigo e-banking, please call NMMC Customer Service on 1800 061 091.

You can also obtain further information about the Online Redraw facility from within the Bendigo e-banking service itself, and from the Bendigo Bank branch staff when you visit to complete your Online Redraw registration and/or open a new funds destination account with Bendigo Bank.

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