ANZ will be following the CBA and Westpac with a 0.8% drop as of next Monday the 13th.
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I've got an interest only anz residential investment loan, and an offset account. The first payment is due in approximately 2 weeks. Does Anz have the facilitity to accrue the daily interest on the loan balance minus the offset balance and then charge that to my offset account each month, or do I have to manually set up a transfer from the offset account to the loan prior to the date the interest is charged? At the moment I've calculated the interest for 31 days based on the loan balance only and set up an automatic transfer each month from the offset account to the loan, is that the wrong way to go about it?
We've got far too many accounts with ANZ Simply tell them which loan you want the offset account to work against - and which account# you want the interest paid due on your loan direct debited from every month - and they will do it automatically. They do all the calcs based on the money in your offset account each day. Too easy.
Cheers,
Jen
Can the account the interest is debited from, be the offset account?
I might call them and get them to remove the manual recurring payment I've set up (since the interest charged should be different each month depending on number of days and number of dollars sitting in the offset on each day of the month).