Easy personal
loans
up to $50,000
Personal Loans
Low rates starting at 7.95% p.a.
(9.33% p.a. comparison rate*).
Money in your account same-day.
*This comparison rate is based on our personal loan for an amount of $30,000 over 5 years, a $495 establishment fee and a $10 monthly fee. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Personal Loan Redraw
We all know how life can sometimes throw us curveballs like emergencies that bring on unexpected costs and bills — which is why we're going to talk about Ozzie Loan's personal loan redraw facility. Our personal loan redraw facility gives you the extra wiggle room you need when your cash flow doesn't end up being what you thought it was going to be. It can come in really handy when you need access to funds due to unforeseen circumstances.
What is a personal loan redraw facility?
A personal loan redraw facility is a perk that some personal loans have. It's not available with every loan, but it is more common on loans that have variable interest rates. If the personal loan you applied for comes with a redraw facility, you'll be able to draw from funds that you've repaid on your loan. With a redraw facility, you can access a repayment you've made as long as it's above the minimum amount you agreed to pay monthly or per pay period. Redraw facilities grant you the flexibility to make extra payments on your personal loan in instances where you have extra funds or have lower expenses.
How to redraw on a personal loan?
The first thing you will need to do to redraw a personal loan is to check with your bank or lender. If your current personal loan has the redraw facility feature, then you can simply contact your bank via phone call, in-person visit, or online banking to request it. However, it is important to know that different banks and lenders who offer a redraw facility on loans will also have different sets of rules and limits like how many times you can make extra payments and redraw and how frequent you can do it. Additional fees and exit fees are also involved when it comes to redrawing money or paying out your loan early should you choose to. These are important factors in the terms and conditions that you will need to consider or ask about regarding a personal loan redraw facility before applying.
While Ozzie Loans does not offer a redraw option on our personal loans, you can still opt for loan top-ups which is just as good an alternative to a redraw facility. To know more about this, simply reach out to our support team that is available 7 days a week via phone call on 1300 072 042 and via email at hello@ozzieloans.com.au. You may also reach out to us online via our website.
What happens when you redraw on a personal loan?
Having a personal loan redraw facility on your loan entails many benefits. For starters, when you make extra payments that you can later access should the need for it arises, you can have the peace of mind in knowing that there are funds under your name that you can draw on in case of emergencies like unforeseen medical bills, or immediate home or car repairs. Another added benefit when you make extra payments using the redraw facility on your loan are reduced interest payments while you're not using the extra funds, as your debt would be much smaller than the amount it would have been if you had kept on with your minimum repayments. Alternatively, you could also keep the extra funds in your savings account. However, suppose you do the math using our free personal loan calculator. In that case, it's likely that you will save more interest when you put the funds in your personal loan redraw account than in your savings account, which only earns minimal interest. If for some reason, you don't need to redraw on any of your funds, that will only mean paying out your loan sooner, which is always a plus.
Since we currently don’t offer a personal loan redraw account, getting a credit card is always another option you could consider if you've been looking to get a personal loan with more flexibility for some extra cash. Aside from our quick loans, Ozzie Loans also offers a line of credit. Applying for our line of credit is just as easy as how you apply for our personal loans. It’s 100% online and you could have your funds same-day.
If you've been looking for a reliable online lender that provides quick and smooth application processes, then you are right in considering Ozzie Loans. Nowadays, we understand that tech-savvy Australians look for simpler, quicker, and more convenient ways of accessing funds. Ozzie Loans uses smart technology that lets us provide more personalised, risk-based pricing — which means lower and fairer-cost loans for our customers. It doesn't matter if you're looking to request a new loan or a loan top up, get in touch with us today and learn how we can be of help in getting access to cash in your time of financial need.
No matter what part of Australia you live in, our services are available to you. We recommend checking out our personal loans Australia, personal loans Sydney, personal loans Melbourne, and personal loans Brisbane services. You can also look at our personal loan comparison Australia to find out which type of loan is best for you.
Check our rates
We’re all about providing
low rate loans with simple, fair and transparent fees.
Loan amount
$5,000 to $15,000
$15,001 to $50,000
Establishment fee
$395
$495
Interest rate
Comparison rate
Monthly fee
Exit fee
From 7.95% p.a. to 23.95% p.a.
From 9.33% p.a. to 25.33% p.a.*
$10
No early repayment or exit fees
*This comparison rate is based on $30,000 over 5 years with $495 establishment fee and a $10 monthly fee.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Get an outcome same-day
