Salary packaging with an offset mortgage??

[evie1010]

Hi Everyone

I`m normally more of a voyeur than contributor.......

But I have just received a form to update my salary packaging, which has been paid off our mortgage for our ppor for the last year, however, we have recently changed our mortgage to an offset to buy our first 2 IPs (yea!!!), but the form says you can`t salary package with an offset account....has anyone out there had experience of this.

Ps thanks to everyone for all the fantastic advice and information that has helped us to get our first 2, of hopefully many IPs...its like having babies, but nicer!

evie

 

[dcarr]

Non-profit company, right? My experience with non-profit salary packaging was that we could either:

1. Have regular weekly payments into the loan account only, or

2. Show them the loan account statement in the beginning to establish the record, then provide the offset account number for a one-off payment whenever the "packaging" balance accrued a bit.

However not all Payroll depts are created equal - best to find out at the start in painstaking detail what they will and won't do, then you can make your decisions.

cheers,
Daniel

 

[Peter_Tersteeg]

Could you split your loan account into two to get the best of both worlds?

 

[evie1010]

thanks guys

I have just discovered that the offset mortgage account is a seperate account to the original mortgage with seperate account numbers, so I think it should be OK that my salalry packaging continues form the original mortgage account.

Evie