Redraw morphing to offset?
- Thread starter WattleIdo
- Start date
Its like changing a dog into a cat. An offset is a savings account while a redraw is a loan account.
I guess you are talking about redrawing money from a loan and putting it into an offset? In that case you would get yourself into trouble.
But if you are just setting up an offset for future use then this would be ok.
yeh.
Like this
1. fixed w/ or w/out offset
2. variable w/ redraw
1 loan split into 2 with offset and/or redraw.
Just wanting to lock in another at 4.09% but keep my redraw.
I now have 3 properties and 6 loans ... thanks to SS
Ok Let's say 1 Investment Property with full 100% offset account. The correct way to set up is 2 Offsets Account with 1 home loan ?
I don't understand as my setup is 1 account 100% offset and 1 home loan account 80%LVR.. Whatever remaining I have them in my offset account
Revisiting this thread for a question with a different angle.
I understand this. But ...
Can I split the loan, use the rental to make the IO payments (or P&I), make the redraw payments and then put the rest into an offset for a completely different loan (another investment property/maybe PPOR)?
I understand this. But ...
Can I split the loan, use the rental to make the IO payments (or P&I), make the redraw payments and then put the rest into an offset for a completely different loan (another investment property/maybe PPOR)?
I don't understand. Could you give an example with some figures?
OK.
Currently the rent comes in at $700 per fortnight once PM fees are taken out.
It goes to what is currently P&I @ about $420 per month.
The rest goes into redraw and is used for maintenance, strata etc on all investment properties.
I now want to split the loan to fix some of it. The redraw would remain as a variable P&I. The redraw/variable unchanged part of the loan would require payments of around $140 per fortnight.
The new split part might be IO - repayments of less than $100 per fortnight
or P&I - repayments of about $280 per fortnight. Yet to be decided.
Therefore, the rent comes in at $700
$140 to redraw/variable
$280 or less to the new loan
Can I put the remainder (lets say $260+) into an offset which is attached to another loan?
Of course, I could set up an offset for the new split part of this loan but I already have 3 other offsets.
Hope this is a bit clearer.
Currently the rent comes in at $700 per fortnight once PM fees are taken out.
It goes to what is currently P&I @ about $420 per month.
The rest goes into redraw and is used for maintenance, strata etc on all investment properties.
I now want to split the loan to fix some of it. The redraw would remain as a variable P&I. The redraw/variable unchanged part of the loan would require payments of around $140 per fortnight.
The new split part might be IO - repayments of less than $100 per fortnight
or P&I - repayments of about $280 per fortnight. Yet to be decided.
Therefore, the rent comes in at $700
$140 to redraw/variable
$280 or less to the new loan
Can I put the remainder (lets say $260+) into an offset which is attached to another loan?
Of course, I could set up an offset for the new split part of this loan but I already have 3 other offsets.
Hope this is a bit clearer.
