CBA's Transactional Offset

Oh ok, wait. I just checked my account. They refunded 2 x $95, maybe by mistake... Let's see whether they charge me again...
 
Noticed today I have been charged a $10 offset fee.. even though i'm on the wealth package. This is wrong, right?? I have THREE offset accounts, to the 1 home loan. I pay a $375 (or 395??) fee a year so I thought the offset was free...
 
Hi All,

I'm currently a MISA user and was hoping to switch over to the everyday offset. But before I do, I was wondering what's the best way to structure my offset accounts.

Currently my setup is like this:

  • Complete Access (Personal) - Salary Direct Credit which I sweep into MISA on pay day. I put all expenses on Credit Card.
  • Complete Access (Investment) - I get all IP rents deposited into this account which I sweep into MISA. I have all loan repayments (PPOR+IPs) debited from this account.
  • MISA (Joint) - All savings go into this offsetting the PPOR. I setup scheduled internal transfers for credit card payments and loan repayments.

If I convert the two complete access accounts into everyday offset accounts I'm thinking of doing this:

  • New Joint Complete Access w/ EDO w/o Card Access - Transfer MISA balance and have both salaries deposited into this account. Have PPOR repayments deducted from this account. Continue to schedule transfer on Credit Card due date.
  • Complete Access (Personal) w/ EDO - Use for cash withdrawals / EFTPOS purchases from Aldi
  • Complete Access (Investment) w/ EDO - Continue to have IP rents deposited, except don't bother sweeping into MISA and top-up shortfall for IP loan repayments peridocially.

Cheers
 
Hi All,

I'm currently a MISA user and was hoping to switch over to the everyday offset. But before I do, I was wondering what's the best way to structure my offset accounts.

Currently my setup is like this:

  • Complete Access (Personal) - Salary Direct Credit which I sweep into MISA on pay day. I put all expenses on Credit Card.
  • Complete Access (Investment) - I get all IP rents deposited into this account which I sweep into MISA. I have all loan repayments (PPOR+IPs) debited from this account.
  • MISA (Joint) - All savings go into this offsetting the PPOR. I setup scheduled internal transfers for credit card payments and loan repayments.

If I convert the two complete access accounts into everyday offset accounts I'm thinking of doing this:

  • New Joint Complete Access w/ EDO w/o Card Access - Transfer MISA balance and have both salaries deposited into this account. Have PPOR repayments deducted from this account. Continue to schedule transfer on Credit Card due date.
  • Complete Access (Personal) w/ EDO - Use for cash withdrawals / EFTPOS purchases from Aldi
  • Complete Access (Investment) w/ EDO - Continue to have IP rents deposited, except don't bother sweeping into MISA and top-up shortfall for IP loan repayments peridocially.

Cheers

This is how I have setup;

  • INV LOAN
  • MISA ACC
  • Everyday Offset Account
  • Personal Savings Account


I try to keep the ins and outs for each INV PROPERTY separate to everything.

So my salary and personal spending is in and out of the personal savings account

My rental income goes into the every offset account
My loan repayments come out of the everyday offset account
My dedicated savings each pay goes directly into the misa account
As this property is negatively geared, there is an outlay which is required out of my own pocket.. Have worked out all the projections and worked out I will need to put $140 per week to service the proeprty when including all strata/rates etc... Thus I also transger $150 each week to this everyday offset account.

The plan for this is all the expenses (yearly) required for this INV property should ideally come from the everyday offset account without requiring me to dip into the MISA account/personal savings account...

cliff notes:

use everyday offset account for rental income.loan repayments/rates/quarterly expenses

use MISA account for dedicated savings ..
 
This is how I have setup;

  • INV LOAN
  • MISA ACC
  • Everyday Offset Account
  • Personal Savings Account


I try to keep the ins and outs for each INV PROPERTY separate to everything.

So my salary and personal spending is in and out of the personal savings account

Thanks reckless. I'm thinking of doing something similar.

Is it absolutely necessary to have separate accounts for each IP? At the moment I find it relatively easy to trace which deposits/withdrawals are related to which property with the single investment transactional account.

Would it be possible to convert the Personal Savings Account to an Everyday Offset Account to get the offset benefit for your salary (after dedicated savings).
 
Also, would it be possible to use the everyday offset in place of MISA for dedicated savings so that loan repayments for the PPOR can be deducted from the same account.

At the moment I am transferring PPOR loan repayment money from MISA to a transactional account for the direct debit to deduct from.
 
Also, would it be possible to use the everyday offset in place of MISA for dedicated savings so that loan repayments for the PPOR can be deducted from the same account.

At the moment I am transferring PPOR loan repayment money from MISA to a transactional account for the direct debit to deduct from.

Yes this would work.
 
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