I feel like a goose just finding out the differences between Offset accounts and Redraw accounts. I have been investing for about 3 years now.
I recently funded a boat purchase using money I had stashed in the Redraw account that I use with an IP loan, which has now delivered me some interesting Tax problems.
My accountant has now advised me how the setup should look, using an Offset account for rents to be paid into, and payments to come out of. If only I had bought my copy of API magazine a week ago, it would have shed a lot of light on the difference between the two types of accounts.
With the possibility of using a different lender for my next purchase, given the current state of IR rises (I'm with Westpac).
Can anyone tell me, is there a cost involved in having repayments come out of a Westpac Offset account and paid to say a NAB loan.??
Cheers
Pango.
I recently funded a boat purchase using money I had stashed in the Redraw account that I use with an IP loan, which has now delivered me some interesting Tax problems.
My accountant has now advised me how the setup should look, using an Offset account for rents to be paid into, and payments to come out of. If only I had bought my copy of API magazine a week ago, it would have shed a lot of light on the difference between the two types of accounts.
With the possibility of using a different lender for my next purchase, given the current state of IR rises (I'm with Westpac).
Can anyone tell me, is there a cost involved in having repayments come out of a Westpac Offset account and paid to say a NAB loan.??
Cheers
Pango.