- Tristan1Participant@tristan1Join Date: 2015Post Count: 4
I have two Homeloans with one bank, and everyday account also as an offset, aswell a credit card.
Im entitled to have two Offset accounts.
What’s the best way to set up my accounts?
I purchase most things with credit card. I was thinking to have Homeloan1 and Offset1, Homeloan2 and Offset2 then have everyday account split every fortnight into offsets. Thoughts? Both loans are same interest rate so is it worth just having an Offset for the larger homeloan?
Thanks For the helpNoobugawaParticipant@noobugawaJoin Date: 2015Post Count: 16
Hum. I think banks tend to offer better variable rates for a single loan of a larger amount, say $1m loan can get var rates of 4.3% for example.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
No need to have more than 1 offset unless you have a shit load of cash.
Offset the non deductible loan first. If none are deductible then offset the highest interest loan. If you have different ownership of IPs then offset the loan in the lower income earners name.
Never join loans with different purposes.PLCParticipant@plcJoin Date: 2012Post Count: 400
Hum. I think banks tend to offer better variable rates for a single loan of a larger amount, say $1m loan can get var rates of 4.3% for example.
Not really the case. Total aggregated lending will likewise get you better rates, even if it’s multiple splits.
As for the OP, take heed of Terry’s advice. It’s spot on.
TomCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069