Shifting Offset Accounts

[PHF]

A quick query regarding offset accounts.
Hypothetical scenario..... you have 3 separate mortgages on 3 separate properties, and just the one offset account against mortgage A. Assuming all loans are with one bank, can you make the choice later down the track, that you now want the offset to apply to mortgage B or C?
What would this involve?

Thanks for your help

 

[wylie]

I have just found out today from my broker that I can change the loan against which the offset funds are offset against. I am with Westpac, and I assume other banks would have the same offer?

 

[PHF]

Thanks Wylie,
I'm guessing you haven't done this just yet. Has anyone followed through and done this?
Just wondering what is involved. Do the banks manage to squeeze any fees out of you for it?

 

[Bigtone]

A quick query regarding offset accounts.
Hypothetical scenario..... you have 3 separate mortgages on 3 separate properties, and just the one offset account against mortgage A. Assuming all loans are with one bank, can you make the choice later down the track, that you now want the offset to apply to mortgage B or C?
What would this involve?

Thanks for your help

very easy to do

 

[Bradsdad]

A few taps on a keyboard and it should be done.

 

[Rolf Latham]

Hi PHF

This is of course assuming that the actual loan products are alike.

I say that because as an Eg ANZ have the IVC variable loan, this supports the Offset, but they have a basic variable loan which does not.

So make sure that the loans actually all support offset before going down a particular path.

You know what they say about making assumptions...........

ta
rolf

 

[PHF]

Good point Rolf.

Thanks for all your advice everyone.