Which Banks do offset accounts?

[investorak]

Thanks heaps Anthony, i was unaware of some of the stuff you talked about above but very relevant to my current condition

[Wayne]

Making sense? It can all be avoided by structuring your holdings differently. A company doesn't need to worry about all this.

Didn't make sense to me until I got to the last bit - with a company structure any money you add adds to the 'shareholder current account' so you can get it back out at will - correct?

[investorak]

Is it possible to have a mortgage in a company name and have an offset account in your personal name?

I have rentals in a company, have cash in a savings account not earning much interest. I will need to refinance to a different company to get the offset facility.

[Dunning]

Investorak, BNZ used to allow this, don't know if they still do. Westpac and Kiwi bank do not allow this.

You could always loan the money to your business, run this past your accountant first.

[Ivan McIntosh]

To have a savings account that is linked with your mortgage but cant be taken away in the bad times

Just on this bit, banks can and will raid any saving account you have in the "bad times"...don't think they won't!

[investorak]

Just on this bit, banks can and will raid any saving account you have in the "bad times"...don't think they won't!

How about if you have money with a different bank? less likely in this situation but still doable?

[Ivan McIntosh]

How about if you have money with a different bank? less likely in this situation but still doable?

In that instance they'd have to bankrupt you personally.....then they'd be able to get at savings you had in your name with other banks. Solution: don't have it in your name, have your investment held by a trust. Assuming it is enough to warrant the time and expense of doing so.

[investorak]

Which banks do interest only on home loans? Home occupier

Do they also do offset?

[brokerman]

Which banks do interest only on home loans? Home occupier

Do they also do offset?

No set answer as they all do depending on LVR, reason, exit strategy and so on.

[investorak]

So if you have a better lvr then you can get io at all of them?

If you have lvr you probably wont use it unless its investment

[brokerman]

So if you have a better lvr then you can get io at all of them?

If you have lvr you probably wont use it unless its investment

Better LVR certainly helps although it's not the only factor. Just did one with Westpac at 70% LVR and the reason was the clients business model looks good for P&I in 2018.

[investorak]

Interest only for 2 years or 5 years?