Hello Guys,
We are having Product Name: Professional Pack
Loan Split in 2 chunks : fixed of $450k for 3yrs and variable of $180k). Also have offset account with AMP.
We received docs from FMS which includes "Loan payment options form"
https://www.amp.com.au/wps/amp/au/F...?ids=f588f0cfa2b12210VgnVCM10000083d20d0aRCRD
But we are bit confused about it...with Part 2 which is "Payment details"
Please select one option below (A, B, C or D) by crossing ✗ the box for your preferred method of repayment.
We are planning to use Linked Offset Account which is option (A)
---------------
Option A ? Payment from LINKED Offset Account (complete if your repayments will be made from the Offset Account which is linked to this loan)
By selecting this option, your loan repayment will automatically be deducted from the Offset Account which is LINKED to this loan account.
Note: This option is not available for Line of Credit and Fixed Rate Loans.
Select your repayment frequency (Principal and Interest Loans only): Monthly Fortnightly Weekly
Interest Only and Lines of Credit ? only monthly payments are permitted
-----------------
As per above text above says "This option is not available for Fixed Rate Loans". So does that mean we cannot use option(A) for our both loan chunks (fixed of $450k for 3yrs and variable of $180k)?
Can you please check the "Loan payment options form" and tell me if we need to provide ANOTHER (non offset) account from AMP or ANOTHER bank account for Fixed Rate Loans?
I might be wrong but this form is confusing so please help
Anna
We are having Product Name: Professional Pack
Loan Split in 2 chunks : fixed of $450k for 3yrs and variable of $180k). Also have offset account with AMP.
We received docs from FMS which includes "Loan payment options form"
https://www.amp.com.au/wps/amp/au/F...?ids=f588f0cfa2b12210VgnVCM10000083d20d0aRCRD
But we are bit confused about it...with Part 2 which is "Payment details"
Please select one option below (A, B, C or D) by crossing ✗ the box for your preferred method of repayment.
We are planning to use Linked Offset Account which is option (A)
---------------
Option A ? Payment from LINKED Offset Account (complete if your repayments will be made from the Offset Account which is linked to this loan)
By selecting this option, your loan repayment will automatically be deducted from the Offset Account which is LINKED to this loan account.
Note: This option is not available for Line of Credit and Fixed Rate Loans.
Select your repayment frequency (Principal and Interest Loans only): Monthly Fortnightly Weekly
Interest Only and Lines of Credit ? only monthly payments are permitted
-----------------
As per above text above says "This option is not available for Fixed Rate Loans". So does that mean we cannot use option(A) for our both loan chunks (fixed of $450k for 3yrs and variable of $180k)?
Can you please check the "Loan payment options form" and tell me if we need to provide ANOTHER (non offset) account from AMP or ANOTHER bank account for Fixed Rate Loans?
I might be wrong but this form is confusing so please help
Anna