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How to withdraw your investment in the Units?
How to withdraw your investment in the Units?

Find out about the two options to withdraw your investment

Reece Frazier avatar
Written by Reece Frazier
Updated over a week ago

There is no minimum amount required to request a withdrawal. You are allowed to withdraw your investment in part or in full by either using the ExtrasJar app or using your ExtrasJar Mastercard®.

Withdrawing using the ExtrasJar App

You are allowed to withdraw all or part of your investment at any time through the ExtrasJar app. It’s pretty simple:

  • Go to Profile

  • Click “Withdrawal Funds”

  • Enter the amount you wish to withdraw

Withdrawing your investment involves redeeming Units for the amount you asked to withdraw. The number of Units redeemed is based on the withdrawal amount divided by the unit price on the business day your request is processed.

Where we receive your request to withdraw your investment from the Fund:

  • Before 4:00 pm on a Wednesday, you will generally receive the Unit price calculated as at the close of markets on that business day.

  • After 4:00 pm on a Wednesday, you will generally receive the Unit price calculated as at the close of markets on the next Wednesday.

  • Anytime on a day that is not Wednesday, you will generally receive the Unit price calculated as at the close of markets on the first Wednesday.

We process requests on the next business day. So, if you requested to withdraw your investment on a Friday, our team will be able to process it on Monday.

Withdrawals will usually be paid to you within 10 business days after your request is processed and we received any additional information we may require, such as

identification documentation. We may deduct any money you owe us in relation to your investment before paying the withdrawal amount to you.

Withdrawing using the ExtrasJar Mastercard®

You can withdraw up to 90% of your total balance (Available Balance) in a day by using your ExtrasJar Mastercard® to pay for an authorised transaction. The authorised transactions you can make depend on your card and chosen account, whether health extras or pet extras.

Please read the applicable Card T&Cs carefully before using your selected ExtrasJar Card.

A withdrawal of your investment due to an authorised transaction using the ExtrasJar Card involves redeeming (or exchanging) Units equivalent to the transaction amount. The number of Units redeemed is calculated by dividing the transaction amount by the Unit price for the day of purchase.

Your Available Balance is an estimate of the total value of your Units on a day. It is calculated as 90% of the total value of your Units net of an adjustment to the Unit price to account for changes in the value of the Fund's assets between the day of the transaction and the most recent weekly unit price.

The Available Balance is also net of any unsettled transactions and does not include unprocessed and uncleared investments. An unsettled transaction is an ExtrasJar Mastercard® transaction which was processed and authorised, but the equivalent Units have not yet been exchanged.

If a transaction amount is greater than your Available Balance, the transaction may be declined.

Limitations on withdrawals

In some circumstances, such as when there is a freeze on withdrawals or the ExtrasJar Mastercard® is unavailable, you may not be able to withdraw from the Fund within the usual period upon request. We may accept or reject any investment or withdrawal request at any time at our discretion without providing reasons for our decision.

We may suspend or delay withdrawals in certain circumstances in accordance with the Constitution, including where the Fund is illiquid or if the total number of units to be redeemed is equal to or more than 10% of the total number of units in issue.

Withdrawing your investment and redeeming Units can make you liable for tax on any gain.

How we make payments to you

Withdrawal amounts will be paid by direct debit to an Australian bank account that you nominated and which must be held in your name. You can provide your bank account details via the ExtrasJar app. We do not make payments to you in any other way.

Before we pay any withdrawal amounts to you:

  • We may ask you to provide confirmation, including additional identification documentation and that the bank account you have nominated is held in your name; and

  • We will deduct any fees or costs incurred but not yet charged with the balance paid to you.

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