I hope this isn't a dumb question, but what the heck....
We own a property outright i.e no loan on it. I originally wanted to get a LOC against it so I could use the LOC for deposits on properties etc ...but I was thinking that it would be better to have an offset account so that we can park our salaries into it & withdraw money for various reasons without the messiness of a LOC. Is it possible to get a loan (with an offset account) against the house for "investments" but not have any specific property in mind, then use the borrowed funds to park in the offset account until needed?
We own a property outright i.e no loan on it. I originally wanted to get a LOC against it so I could use the LOC for deposits on properties etc ...but I was thinking that it would be better to have an offset account so that we can park our salaries into it & withdraw money for various reasons without the messiness of a LOC. Is it possible to get a loan (with an offset account) against the house for "investments" but not have any specific property in mind, then use the borrowed funds to park in the offset account until needed?