When I was looking for me loan I got a lot of 'why would you want offset, all you should do is fixed IO or variable IO, you don't want to make extra payments on an IP'
Well you know what? I do. I even dallied with going P&I for awhile but I decided IO and offset was more flexible.
I am getting a residential offset account for the Trust so the plan is for thecuurent rent for the properties to go in as 'pay' and the small expenditure we do have to go on the credit card which will be paid off before Interest charges. We are currently CF + but at some stage during construction of the new units we'll go negative so I'd like the offset to keep that at bay. When construction finishes and rent starts coming in we'll be back to CF+
Then the plan is to keep money in the offset and maybe use that as deposit for another IP.
Who has offset and how do you make it work for you.
Well you know what? I do. I even dallied with going P&I for awhile but I decided IO and offset was more flexible.
I am getting a residential offset account for the Trust so the plan is for thecuurent rent for the properties to go in as 'pay' and the small expenditure we do have to go on the credit card which will be paid off before Interest charges. We are currently CF + but at some stage during construction of the new units we'll go negative so I'd like the offset to keep that at bay. When construction finishes and rent starts coming in we'll be back to CF+
Then the plan is to keep money in the offset and maybe use that as deposit for another IP.
Who has offset and how do you make it work for you.