Which Bank Account for a Trust?

Viewing 6 posts - 1 through 6 (of 6 total)

emilov
Member
@emilov
Join Date: 2007
Post Count: 54
April 20, 2007 - 4:49 am
Hi All,
Just got the papers for my new trust and I applied for ABN/TFN already. It's a discretionary/family trust to be used for wraps and any other cashflow positive investments. Now I need to open a bank account for it. What sort of account should/must that be? Which bank? My personal account is with Suncorp.
Cheers,
Emil
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 20, 2007 - 11:57 pm
Why not get a 100% offset against one of your properties?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 21, 2007 - 12:48 am
I wouldnt ever use Suncorp unless you have the odd month of your life to spare.
They would have to be the most useless lending bank out there in terms of administration and documentation.
A BDM who never gets back to you and all the promises in the world get you nowhere.
Oh and by the way they dont accept finance on wraps.
Richard Taylor | Australia's leading private lender
emilov
Member
@emilov
Join Date: 2007
Post Count: 54
April 21, 2007 - 5:57 am
Hi Guys,
Let me clarify, I use Suncorp for my daily stuff (salary & co). I won't be using them as my lender, my MB is currently taking care of finding me the right lender.
What I inquired about is an account for my business needs i.e. the wrapee pays into it and I pay my loans out of it. I have a trust now and every prop I wrap will be in that trust's name. So the account I was asking about is for that trust and the needs I outlined above.
So, in that regard, any bank/account recommendations?
Cheers,
Emil
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
April 21, 2007 - 7:28 am
As Terry mentioned why would you not hold the savings account in Trust as an offset account against your loan account.
Richard Taylor | Australia's leading private lender
emilov
Member
@emilov
Join Date: 2007
Post Count: 54
April 22, 2007 - 10:05 pm
Aha, let me see if I get that right:
So I go to my current lender and ask him for a (new and separate) account for my trust which is to serve as an offset account against the existing loan for my PPOR? Does the trust account need to be something special (like business, money management or whatever else they call it)?
Thanks,
Emil