Wallet Wizard Smart Loan, Similar to a Line of Credit – Redraws Available
A Wallet Wizard Smart Loan (continuing credit contract) has similar great features to a line of credit and provides a flexible loan for you to access ongoing credit once you’re eligible with no upfront or redraw fees.
What is a credit limit?
A credit limit is the maximum amount of credit we agree to make available to you under a contract with us. The amount is based on our assessment of your situation and income. If approved, we will offer a credit limit that is right for you.
What is my current balance?
Your current account balance is the amount owing to Wallet Wizard. It reduces every time you make a repayment on time.
What is a redraw?
A redraw is the available credit that you can apply to access. It’s the difference between your credit limit and your current balance. Your current account balance is the amount still left to pay. The amount you request cannot be less than the Minimum Redraw Request Amount (this is the lower of $500 or 25% of your credit limit).
When am I eligible for a redraw?
You become eligible to apply for a redraw when you are up to date with your repayments and your current balance is less than $500 or 25% (whichever is lower) of your credit limit. For example, if you have a $5000 credit limit then your current balance will need to be $4500 or less to be eligible for a redraw.
How can I apply for a redraw?
You can log in to the Wallet Wizard Members’ Area any time to see if you’re eligible apply for a redraw. Once you’re eligible, simply submit a redraw application via the Members’ Area and follow the prompts. It’s super-fast and easy!#
When am I eligible to increase my credit limit?
You become eligible to apply to increase your Credit Limit when you are up to date with your repayments, your current Credit Limit is less than the $8000 maximum, and your current balance is less than $500 or 25% (whichever is lower) of your credit limit. For example, if you have a $5000 credit limit then your current balance will need to be $4500 or less.
How can I increase my credit limit?
You can apply to increase your original credit limit, up to a maximum of $8000. Your credit limit is the maximum amount of credit we initially agreed to make available to you under your contract with us. To apply for an increase to your credit limit, simply log in to the Wallet Wizard Members’ Area anytime to see if you’re eligible. If eligible, you can apply by following the simple instructions in the Members’ Area for a fast assessment and decision. If approved, the amount offered is based on our assessment of your current situation and income.
