Hi All,
I'll give a quick run through of my pending situation;
The way I am structuring the accounts/loans is:
Personal:
OTP:
UNIT 2:
So quite simply;
I just want to know is this the best way of simplifying everything, keeping the rental income/expenses for each property separate and accountable.
Any positives/downsides to structuring it like this?
Thanks in advance!
I'll give a quick run through of my pending situation;
- Firstly I bank with CBA
- I have purchased off the plan with completion of investment property "OTP" to be completed mid 2014.
- I have just signed a CoS yesterday for investment property "UNIT 2" due to settle approx 6 weeks from today.
The way I am structuring the accounts/loans is:
Personal:
- Savings Account
- Credit Card
OTP:
- Loan 1 - variable
- Loan 2 - fixed
- Transaction Account for OTP property
- MISA OFFSET Account for Loan 1 (variable)
UNIT 2:
- Loan 1 - variable
- Loan 2 - fixed
- Transaction Account for UNIT 2 property
- MISA OFFSET Account for Loan 1 (variable)
So quite simply;
- my salary/personal expenses will come in/out of the personal savings account/credit card respectively
- My rental income will go into the corresponding transaction account. My strata/levies/rates/water will go out of the corresponding transaction account
- My dedicated savings will go into the corresponding MISA offset account for each property
- My calculated "outgoings" for each property will go into the corresponding transaction account
I just want to know is this the best way of simplifying everything, keeping the rental income/expenses for each property separate and accountable.
Any positives/downsides to structuring it like this?
Thanks in advance!