CBA's Transactional Offset

I would still keep the misas for the bulk of my savings.

The way I am setting everything up is

Loan 1
Loan 1 - Transaction Account/offset
Loan 1 MISA

Now my dedicated savings will periodically go into the MISA account
my rental income and loan repayments will go out of the transactional offset account. I also aim to have minimum $2500 in the transactional offset account. and at least nominating the transaction account as the offset accoutn also i will make use of the $2500 also!
 
r3ckless said:
Now my dedicated savings will periodically go into the MISA account
my rental income and loan repayments will go out of the transactional offset account.
Click to expand...

tgan said:
I have a number of loans with the CBA, and currently I use a MISA account for rents to go in and sit there until the 1st of the month when I move the money out and into an everyday saving account where the interest comes out from.
Click to expand...

I'm the opposite to you guys. My rent gets paid into my viridian line of credit and my loan repayments also come out of this. Any extra savings I have goes into the misa.
 
Called CBA today - the rep said it's not going to be available until 5th of October - so I assume, it will be 7th of October :)
 
zubs said:
Hi all
How did you get onto this "Soft Trial" - i'd love to get onto this. I assume I just call my broker??

Also, I have heard from a somewhat reliable source that release is pushed back by 1 week so that it falls on the long weekend - makes sense I guess.
Click to expand...

When Brady on here advised of the launch I emailed my CBA manager to say "rumour is...." and obviously put me down for the initial launch.

I dont have a broker, I have a private manager (points nose skyward). She was impressed with my knowledge of what was going on, given I was in Kstan at the time (thanks Brady).

My accounts have been set up, just waiting on cards.

I will have 2 everyday offset accounts. One which will act as the current MISA. So all my interest, and major debits/credits will flow to this account - I wont have card access to this account. The second one will hold minimal funds and will be used for purchases on card. Given I travel I dont really want access to all my money via card (security). But having all my interest and payments come from the main account will be convenient.

Blacky
 
Only a few more days!!
If you google CBA "Everyday Offset", it now appears in a few of CBA's Terms and Conditions PDFs.

I just rang the bank to see if I could have it turned on - they said call back Saturday 5th.
 
More good news if on the wealth package they are not charging the $95 for existing customers - so the Branch bank Manager and the Phone Loans manager have both told me. I am counting down the days!
 
That's great news re the $95.
wish I could sign up for it right now!! Will it be an 'instant' thing? Ie I ring CBA, they turn on this feature for my existing Complete Access, and then I can straight away transfer all my funds from my MISA to my complete access?
 
And can one loan have both a MISA and be linked to the everyday offset account - with the sum of them offsetting the loan balance?

Regards,

Jason
 
I did ask when I can sign up. I was told ring up on the 5th and they will change complete access to an offset account.
Then I asked if I had to nominate which loan I wanted it to offset and was told no need it will offset all loans.
In my situ I want this to be offsetting my PPOR debt only not my investment loans (at this stage). It may mean setting up an offset for each loan and keeping them separate.

So looks like I will be going in branch next week.
 
Thx.. so it seems Saturday they can do it ... great!

one question - I assume that when the complete access changes to be an offset, it will no longer generate 'credit' interest?
 
CHAOS said:
Then I asked if I had to nominate which loan I wanted it to offset and was told no need it will offset all loans.
Click to expand...

That's clearly a rubbish response and suggests they don't know what they are talking about. I frequently find staff at CBA like that and my usual reaction is to hang up, ring back and hopefully get a different person who has some sort of idea what they are talking about.

Regards,

Jason
 
zubs said:
Thx.. so it seems Saturday they can do it ... great!

one question - I assume that when the complete access changes to be an offset, it will no longer generate 'credit' interest?
Click to expand...


Thanks for this - you just explained the 24cents on my statement that I earned this month. Oh and I will now have to pay tax on that!
 
jrc77 said:
And can one loan have both a MISA and be linked to the everyday offset account - with the sum of them offsetting the loan balance?

Regards,

Jason
Click to expand...

I havent heard about the waiving of the $95 fee for those on the wealth package... Will have to ask my mgr.

Yes, you can have multiple offsets for one loan account. I set 2 accounts up for one of my loans (and was told its $95/offset).

Yes, just call them up and they can do it, I didnt even need to sign any forms and the account is up and running (on net bank) and im just waiting for my cards to issue.

Cheers

Blacky
 
Yes i'm sure you can have multiple offset accounts for 1 loan
but I would think that it NOT be possible to have 1 offset account offsetting more than 1 loan! that would be great for us, not so good for the bank :)
 
You must log in or register to reply here.

Similar threads

J
Help me restructure my lending
Replies
12
Views
3K
pinkboy
P
H
What's the best fixed rate currently available
Replies
12
Views
3K
cuteduck
cuteduck
E
Structuring our finances
Replies
17
Views
3K
Gateway123
G
H
Where to place income and rental income
Replies
3
Views
852
Terry_w
Terry_w
A
How to decide which account to offset against in a split loan?
Replies
15
Views
2K
Jamie M
Jamie M
Back
Top