Question - Multiple offset accounts ?

From: Ross Sondergeld


Is it possible to have multiple offset accounts against a mortgage?

For example, lets say you have a mortgage elimination strategy whereby you
get your income paid into an offset account and you use a 55 days interest
free account for running money.

Ok... Now would it be possible to have 3 offset accounts against that
mortgage. Say one for your income, one for your girlfriend and another one
for parents/friends loss change.

Does anyone do this... on this forum? I'm looking for a few ideas.

P.S. I'm just thinking creatively. And I'd like a few external opinions.

Ross Sondergeld ~ Buyer Agent

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Reply: 1
From: Eddie Scotten

You can use a split loan with a redraw, one for each person
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Reply: 2
From: Victor Mann

You might better off with a LOC split 3 ways

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Reply: 3
From: Rolf Latham

Hi Ross

If you can use peoples cashlfow, then you just have to work out if the increased running costs of running multiple loan splits, typically 8 to 10 per month after the first split.

If the loans are for investment purposes, an offset structure rather than LOC structure will also preserve your tax deductions.


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Reply: 4
From: Michael G


Don't use it myself, but this comes to mind from The Rock.

"Up to 6 Mortgage Offset Accounts
You can have up to six Mortgage Offset Accounts linked to one loan account. You and your partner might have a joint loan but wish to keep your savings accounts separate. You can each open your own Mortgage Offset Account and link them both to your joint loan account. You maintain your financial independence but share your interest savings.

Alternatively, you could have a joint Mortgage Offset Account linked to a loan account in the name of a single borrower. The Taxation laws do not allow a Mortgage Offset Account of one person to be linked to a loan account in the name of another different person."

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