I am a new to property investing and this is my first post. Your help in account set-up is appreciated.
I have a PPOR loan with an online lender (loans.com.au) with $500K in loan. I have 200K in redraw offset account.
This is what I am thinking to do after reading various posts in somersoft. Please note that loans.com.au won't provide LOC but they can provide split loans.
Please correct me if there are any mistakes with the account setup or if the setup can improved
1) Draw down the PPOR loan to 300K using funds available 200K in redraw offset.
2) Secure a split investment loan using funds available in my PPOR of 200K with 200K in offset.
i.e., the loan set-up as below.
Loan 1 - PPOR - Loan 300K and Offset 0K.
Loan 2 - Investment Split Loan from the same lender- Loan 200K and redraw offset 200K.
Loan 3 - New 80% loan from another lender for the investment property.
Open two new zero fee savings accounts with NAB.
1) Account A - All income from the investment will be put into this account
2) Account B - All expenses for the investment properly will be drawn from this account
Ongoing actions
1) On a regular basis I move funds from "Loan 2" offset to Account B to service the property expenses.
2) Rent will be paid to Account A and I will move funds from Account A to Loan 1 offset or Loan 3.
I have a PPOR loan with an online lender (loans.com.au) with $500K in loan. I have 200K in redraw offset account.
This is what I am thinking to do after reading various posts in somersoft. Please note that loans.com.au won't provide LOC but they can provide split loans.
Please correct me if there are any mistakes with the account setup or if the setup can improved
1) Draw down the PPOR loan to 300K using funds available 200K in redraw offset.
2) Secure a split investment loan using funds available in my PPOR of 200K with 200K in offset.
i.e., the loan set-up as below.
Loan 1 - PPOR - Loan 300K and Offset 0K.
Loan 2 - Investment Split Loan from the same lender- Loan 200K and redraw offset 200K.
Loan 3 - New 80% loan from another lender for the investment property.
Open two new zero fee savings accounts with NAB.
1) Account A - All income from the investment will be put into this account
2) Account B - All expenses for the investment properly will be drawn from this account
Ongoing actions
1) On a regular basis I move funds from "Loan 2" offset to Account B to service the property expenses.
2) Rent will be paid to Account A and I will move funds from Account A to Loan 1 offset or Loan 3.