If redraw and offset options are available under your NAB home loan, it is important to remember they operate differently.
Redraw allows you to access available loan funds if you’ve made additional repayments above your scheduled minimum repayments.
Redraw is usually available for home loan account customers who have a variable rate and have made more than one additional repayment.
The amount of money you can redraw is adjusted throughout the life of your loan. It is based on the difference between your actual loan balance and your scheduled loan balance.
This means you can’t always redraw an amount equal to the full amount you have paid ahead.
When you have an offset, we link your NAB Home Loan to your NAB transaction account.
Even if your interest rate is variable, interest is charged on the difference between your actual loan balance and the credit balance in your linked transaction account.
The funds in your transaction account remain your funds to use as you wish.