Excerpt from tppwholesale.com.au
Applies to .com, .net, .org, .biz, etc domain names
When a generic Top Level Domain (gTLD) name (.com, .net, .org, .biz, etc) has been expired for more than 30 days, it is automatically assigned a redemption WHOIS status for another 30 days. During this period the current registrant still maintains the option to renew the domain. A domain may be recovered from redemption at any time during this 30 day period. A fee will apply, which also includes the first year of renewal.
For further information refer to the gTLD Domain Expiration Cycle.
Do not gamble on lapsing your registration to avoid Redemption recovery cost
It is becoming increasingly common for domain names to be back ordered, which means that your expiring domain name could already be scheduled for registration by another person. Domains are commonly being registered the instant they become available by “domain monetisers” (people who make money by buying and selling domains), who then charge the original domain owner an exorbitant price to regain control of the domain.