Loan product with multiple offset accounts

[aw1]

Hi All

I currently have all my home loan business with STG/BankSA. One thing that has kept me there so long is the ability to have multiple offset accounts against the one loan. I absolutely require this as I have a fair amount of cash in offset and it has different purposes for which separate accounts are needed.

I was interested in moving some of my business across to Westpac but they do not offer this facility which is a deal breaker.

I notice that Portfolio Loans can work in a similar way (e.g. that offered by NAB) but it seems to have quite a hefty annual fee ($750).

Are there any other products out there that are worth looking at that would effectively allow me to continue having separate offset accounts, preferably with a low package fee and rate?

Adam

 

[Perth Investor]

Don't forget NAB's portfolio facility can be pretty cheap if your lending is high enough. i.e. over $1m the interest rate is very competitive with the market, making the $750 seem like chump change.

(The rack rate is 6.11%, but I'm getting 6.04% on the choice package, I bet you could get better on the portfolio facility)

Besides that, don't St George have a portfolio facility that is very similar? Why are you looking to move some of your money, is there a pricing issue, or is it risk management (eggs in one basket etc etc.)

I dunno what lending you have but remember on $1m, $750 is only adding 0.075 to your effective interest rate. i.e. 6.11 becomes 6.185.