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I will clarify that. I was concerned about whether or not the money in the offset account is still classified as "borrowings" myself and had asked if I should just pay down the loan by the full 158k and redraw later when forming a new deposit. I think perhaps I didn't make my point clear...

The money in the offset account will just be for whatever deposit I need, say 60k on a 20% deposit on 300 k house. I'd still need another loan to cover the balance of the purchase. The bottom line seemed to be I can only use it for purchasing property and associated buying costs and...

Update Hi all, I've finally settled on this house, and got the advice from the accountant. Basically the offset account against the PPOR (220k) with the 158k sitting in it will be left alone and only drawn upon for the deposit and other buying costs for the next property. All my rental...

Hi all, Thanks for the responses. Turns out there is a redraw it just isn't listed in the features online. So I will have the options to segregate money by paying down the loan and just leaving what I need to settle in the offset account. Still waiting to hear back from the accountant...

Hi Rolf I'm using ME bank ultimate offset account. I don't think they have any redraw facility. Hopefully my accountant will get back to me today and I will sort something out. I will mention to her Domjan V Ato case which I just had a chance to read about. Much appreciated.

Thanks Rolf, I have posed this question to my accountant also but haven't heard back yet. There seems to be a lot of people with valuable experience frequenting these forums so thought I would pose it here too.

Hi all, I'm just starting out with property investment and now have IP1 under contract which settles in three weeks. Finance for the IP is a 5% interest only 3 year fixed loan for 80% of the value of the house(255k) at 204k for this. To fund the shortfall for the IP (approx. 60k) on this...