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From: Michael Mudman
I've just enquired about offset accounts at the Bank Of Qld to be told principal and interest repayments must be made on the loan.
I was under the impression that offset accounts could be linked to interest only loans?
Can anyone recommend a lender where every dollar held in the offset account reduces the loan principal dollar for dollar (put simply if you have a loan of $100K with $10K in an offset account on the day of settlement you are only charged $90K in interest from day 1).
If offset accounts can be linked to interest only loans, I'd imagine they couldn't be used against fixed interest-only loans?
Also, has anyone come across the lenders policy on the number of offset accounts permitted for a single loan? Could I have an offset account in my name AS WELL AS an offset account in my partners name, both linked and reducing the interest on my own home loan?
Michael.
I've just enquired about offset accounts at the Bank Of Qld to be told principal and interest repayments must be made on the loan.
I was under the impression that offset accounts could be linked to interest only loans?
Can anyone recommend a lender where every dollar held in the offset account reduces the loan principal dollar for dollar (put simply if you have a loan of $100K with $10K in an offset account on the day of settlement you are only charged $90K in interest from day 1).
If offset accounts can be linked to interest only loans, I'd imagine they couldn't be used against fixed interest-only loans?
Also, has anyone come across the lenders policy on the number of offset accounts permitted for a single loan? Could I have an offset account in my name AS WELL AS an offset account in my partners name, both linked and reducing the interest on my own home loan?
Michael.
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