You actually haven't answered the question you pose which is a shame as I would have been interested in your opinion

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I agree Nicholas Seaman - what is the answer to the question, "is it okay for banks to slash redraw balances?"

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Hi Gary,

As the story says, a bank can apply restrictions as to how the redraw feature works, including turning it off or limiting your redraw amount.

- Money team

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Is it okay? Technically yes. There should be a term in the PDS regarding this though. I know our bank does, which is why I would never park savings in a redraw. They have the right to change the terms AT ANY TIME, WITHOUT NOTICE.

Is it the right thing to do, especially when there is a pandemic happening? No. Hence you should opt for an offset if you have a considerable amount of savings you want to utilise to minimise interest on your mortgage. Which will often cost you an annual and a monthly fee, plus incur a higher interest rate...something only you can weigh up.

Make sure you read and understand your contract.

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me bank has also done this to me without any notification they reduced my redraw by 24000$

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It sounds like people are catching up with the bad behaviour of ME Bank? Is it limited to their loans department? Or is it outside of their loans department? Where's that Royal Commission into banking when you need them? Did they look into banks beyond the big four? They should have! Keep digging. Once upon a time ... they were a great bank. Money/Elizabeth McArthur can you please answer these questions for us all?

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