If you’re ahead of your repayments on your home loan you may be eligible to redraw funds.
For joint home loan account holders, you’ll need both parties to approve the redraw. To make it faster and easier, have the secondary account holder with you when you apply. They will need to approve the application with their Member number and WAC (Web Access Code).
You will need:
- CUA Online Banking access. Register here.
- CUA Member Number
- Mobile number
To redraw funds from your loan:
After logging in to CUA Online Banking, find your loan account and click the ‘View Details’ link.
This will take you to an overview of your loan account, showing the interest rate, your repayments and the amount of redraw available to you. Please read the information below the interest rate details to ensure you are eligible to redraw.
Click on the ‘Redraw Now’ button.
On the ‘Create Payment’ screen, complete the payee fields.
Click the “Continue” button.
On the ‘Payment Confirmation’ screen, check all the details, then press the 'Confirm' button.
On the ‘Payment Additional Approval Required’ screen, you can ‘Cancel’ or ‘Change’ the payment details, and get authorisation by the other joint account holder in two ways.
If the Joint Account Holder is present:
Click the ‘Authorise Now’ button if the other account holder is with you and can enter their Member number and WAC now to authorise the payment. Add their ‘Member number’ and ‘WAC’ to the boxes and press ‘Accept’.
Sending Authorisation to the Joint Account Holder:
Click ‘Send Authorisation Request’ if the other joint account holder isn’t with you. You’ll need to let them know that a request to redraw has been sent and that they need to log in to CUA Online Banking to approve the request.
For the Joint Account Holder:
They can find the request to approve by selecting ‘Approvals’ on the left-hand side menu under ‘Authorisation’. On the ‘Pending Approvals’ screen, the payment request will be shown. Click the ‘Actions’ link, to see either ‘Approve’ or ‘Reject’ options.
On the ‘Payment Authorisation – Approval Confirmation’ screen, check the details and click ‘Confirm’.
A confirmation message should appear across the top in a blue bar stating your transaction was approved successfully.