Any simple solution to this situation.
Have a P&I loan on the PPOR for 300k
Currently have 310k in an offset account linked to this loan.
The repayments are around 2k per month and automatically deducted from our personal account to the P&I home loan.
Obviously we don't want the offset amount to exceed the outstanding loan amount by much, as we won't earn interest on any excess funds.
Is there any easy solution to arrange this so we don't have to continually transfer the monthly excess back to our personal accounts?
It's only recently exceeded the outstanding amount, so the issue is a new one to us.
Thanks
Ace
Have a P&I loan on the PPOR for 300k
Currently have 310k in an offset account linked to this loan.
The repayments are around 2k per month and automatically deducted from our personal account to the P&I home loan.
Obviously we don't want the offset amount to exceed the outstanding loan amount by much, as we won't earn interest on any excess funds.
Is there any easy solution to arrange this so we don't have to continually transfer the monthly excess back to our personal accounts?
It's only recently exceeded the outstanding amount, so the issue is a new one to us.
Thanks
Ace