Hi
Just wondering if there is any Line of credit accounts that allow sub-accounts without charging additional fees to set it up, apart from the initial fee. No ongoing fees.
I bought an IP with a Westpac professional package loan with 90% LVR with LMI. I also have a FirstMac refinanced IP loan on another IP with 80% LVR using the residual equity from this loan plus the Westpac loan to purchase the new IP. Anyway to cut a long story short, my broker at the day of settlement didn?t tell me I was short he kept telling me I was ok until I asked him to give me a reconciliation. Anyway I was short $6k, then my broker tells me ?I told you so...?. You can gather my reaction.
Had to take the $6k from a credit card account that I wasn?t using so I could make sure its not tainted. My PPOR is with Intech CU, a Mortgage Master account $85k (like a line of credit), currently in the black. Anyway I asked them if I could have sub-account against my Mortgage Master account and they said yes but would cost $200 to set up. If I am to pay $200 for each sub-account to set up then I should look at moving or is this the norm now.
I have all my IP rental income going into the Mortgage Master account then repayments get debited from this account.
Or is there other options?
Davimin
Just wondering if there is any Line of credit accounts that allow sub-accounts without charging additional fees to set it up, apart from the initial fee. No ongoing fees.
I bought an IP with a Westpac professional package loan with 90% LVR with LMI. I also have a FirstMac refinanced IP loan on another IP with 80% LVR using the residual equity from this loan plus the Westpac loan to purchase the new IP. Anyway to cut a long story short, my broker at the day of settlement didn?t tell me I was short he kept telling me I was ok until I asked him to give me a reconciliation. Anyway I was short $6k, then my broker tells me ?I told you so...?. You can gather my reaction.
Had to take the $6k from a credit card account that I wasn?t using so I could make sure its not tainted. My PPOR is with Intech CU, a Mortgage Master account $85k (like a line of credit), currently in the black. Anyway I asked them if I could have sub-account against my Mortgage Master account and they said yes but would cost $200 to set up. If I am to pay $200 for each sub-account to set up then I should look at moving or is this the norm now.
I have all my IP rental income going into the Mortgage Master account then repayments get debited from this account.
Or is there other options?
Davimin
