Question:

Is Redraw amount covered by the Australian Government guarantee scheme?

by Guest5717  |  12 years, 9 month(s) ago

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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

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  1. Guest219
    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.

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