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Would I get into trouble with the ATO if I changed the redraw to an offset?
So are you suppose to have 3 Accounts in this case ?
1. Home Loan Account,
2. Offset for redraw
3. Offset for Cash
Am I right ?
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
Terry_w: ...if you are just setting up an offset for future use then this would be ok.
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)?
Hope this is a bit clearer.