From: Andrew G
Hi all - my last post may not have made a great deal of sense .... lets look at it this way. Here is my current situation:
1. Bank Account "A" - our salaries go into this account.
2. Bank Account "B" - our home loan account.
3. Bank Account "C" - rent goes here from IPs.
4. Bank Account "D" - IP#1 P&I loan, money comes from account "C".
5. Bank Account "E" - IP#2 P&I loan, money comes from account "C".
When I find another IP to purchase, how would you work it with the above in mind? Do I keep account "C" and make it an offset (or do I need to close it to start again?) I'm sure there's many ways it could all be structured, but I'm hoping to get quite a few more IPs so the bank details could get a whole lot more complicated!! BTW the P&I loans are fixed for a couple of years, so they have to stay as they are.
Thanks for your help,
Andrew.
Hi all - my last post may not have made a great deal of sense .... lets look at it this way. Here is my current situation:
1. Bank Account "A" - our salaries go into this account.
2. Bank Account "B" - our home loan account.
3. Bank Account "C" - rent goes here from IPs.
4. Bank Account "D" - IP#1 P&I loan, money comes from account "C".
5. Bank Account "E" - IP#2 P&I loan, money comes from account "C".
When I find another IP to purchase, how would you work it with the above in mind? Do I keep account "C" and make it an offset (or do I need to close it to start again?) I'm sure there's many ways it could all be structured, but I'm hoping to get quite a few more IPs so the bank details could get a whole lot more complicated!! BTW the P&I loans are fixed for a couple of years, so they have to stay as they are.
Thanks for your help,
Andrew.
Last edited by a moderator: