Issues with St George IO
- Thread starter adam73021
- Start date
Yes
but they are Administrative
I have a fewclients with say 100 k loan and 100 k in offset
stil get charged some odd and weird amount of 26 .28 for the month which is then credited back to the loan amount .
NO one in stg can provide a logical reason.
i think the minions need something to do : )
Mind you, STGused to tell me that IO with 100 % proper offset was illegal
Almost as daft as the decline from Macq bank this week that its illegal for related companies to guarantee a loan ..............
ta
rolf
but they are Administrative
I have a fewclients with say 100 k loan and 100 k in offset
stil get charged some odd and weird amount of 26 .28 for the month which is then credited back to the loan amount .
NO one in stg can provide a logical reason.
i think the minions need something to do : )
Mind you, STGused to tell me that IO with 100 % proper offset was illegal
Almost as daft as the decline from Macq bank this week that its illegal for related companies to guarantee a loan ..............
ta
rolf
Illegal for a company to guarantee another company?
yes
believe it or not and the below is "illegal"
Personal borrowings for unit holder with Corporate Trustee of the Unit Trust providing Security Guarantee - ie the usual Unit trust for neg gearing structure.
An peops ask me why I dislike Macq.............
ta
rolf
Ah well. Give them the simple stuff I guess
too long a memory for simple stuff.
ta
rolf
I've read through here regarding the issues with St George and offsetting interests, is any able to elaborate the issue to a simpleton like myself? Are there still IO issues with St George/Bank Of Melbourne's?
Thanks
there should not be any issues with the offset account as they changed it to true offset a while ago. Before the balance of the offset account saved interest but it did not adjust the payments. For example if you owed 100K and had 10K in the offset and your loan was interest only you used to still make the payment on the interest based on 100K. They have now changed it to the correct way so you only pay the interest on the 90K. As others have mentioned there still seems to be some isolated issues. One of the important things to remember with st george is to check after settlement that the transaction account is ticked as an offset account as this is still a manual process.
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