Question:

Is Redraw amount covered by the Australian Government guarantee scheme?

by Guest22762429  |  8 years, 9 month(s) ago

0 LIKES UnLike

I have a home loan with AMP Bank and have a Redraw Facility with an available amount. I want to know if Australian government scheme will also cover it.

 Tags: Amount, Australian, covered, government, guarantee, redraw, Scheme

   Report

1 ANSWERS

  1. Banking Expert
    No. Available Redraw against your loan account is not a deposit account. Redraw amounts are not included in the government guarantee for deposits of less than $1M.

Question Stats

Latest activity: 8 years, 9 month(s) ago.
This question has been viewed 182 times and has 1 answers.

BECOME A GUIDE

Share your knowledge and help people by answering questions.