number 8 wrote:
STG have the old system that does not calculate your interest daily, rather it is a static figure that is calculated at the beginning of the year. This is not good if you have a large amount of money in an offset account.

So if this is correct they will only recalculate the figure at the start of a new year?this is not ideal as…[Read more]

Terryw wrote:
if the amount in the offset exceeds the loan you will not, usually, be getting paid interest, so it would be better to put the excess funds somewhere else to get a return on them

Just as I thought, Thank you Terryw

Terryw wrote:
One exception is st g which, in one of their accounts, takes the savings off the principle.

I believe this is the offset account I have.Out of interest (no pun intended)  which obtains the better benefit, reducing the principle, or reducing the interest (hence IO payments will be lower so less money locked away)obviously reducing…[Read more]

Wow thanks for all the responses, I believe benno79 summed it up correctly in the following,

benno79 wrote:
The repayments are calculated on the 'original loan balance', for the life of the IO loan (usually 5 years or so).

So in essence any “extra” repayments are reducing the outstanding balance of the mortgage and are locked up so to spe…[Read more]

Banker wrote:
If your loan is paid by direct debit; ring the bank and tell them you will make payments manually.

Thanks for the response and idea, I wish the bank would let me do this and pay via CC to earn FF points.

benno79 wrote:
Dan,I found myself in a very similar situation recently – I am also with St George.I asked my broker to explain and they told me this:"I/O payments are always based on the loan balance, regardless of the offset balance.

 Thanks for the response, however every month my loan balance is reducing due to the cash in my offset, yet…[Read more]

Thanks for the responses,The bank the loan is with is St George Bank. Here is some more information to help clarify my question. The loan was originally a P&I loan for 30 years, however after 1 year I converted it to interest only with a 100% offset account. I pay the interest amount monthly and bank any extra into the offset account.So whilst my…[Read more]

Thanks for your response Richard,

Qlds007 wrote:
In shortThe loan is an interest only loan and therefore the loan repayments will vary depending on the number of days in the month

My loan is this yet the repayments remain static, regardless of days in the month and it even ignores the fact the the balance is lower month to month. This is what I…[Read more]

Originally posted by The Mortgage Adviser:
[do you know if it is possible to hook up with the existing competition organisers?

I’m sure it would be easy to hook you up. Maybe enquire about some LAN’S and who organises them.

Also if people are going to hiring out the place for LAN’s and the such, a tip might be for a slight reduction in cost they…[Read more]

Originally posted by wayneL:
Geez what a treasure trove of ideas this place is!

I know where I’m coming if I ever want to start a new business…..hmmmm come to think of it, I AM. Will be back when the idea is better formed.

wayneL,

Please when your ready post your business idea, As a reader of your posts here (and mostly aussiestock) I…[Read more]

Rob,

Just a few more idea’s in regards to generating business after hours in the LAN environment. Why not host competitions to find the best of the best and the best teams to challenge some other interstate / international teams. Could make a great HQ for some international LAN Party’s

Also as a bit of a gamer myself I know there are two c…[Read more]

Rob,

In regards to product launches don’t limit yourself to just software. I don’t know about Sydney but in Melbourne at swap meets and such graphic’s card manufactures have pretty decent displays, Why not launch a card and have a demonstration on your premises?

As for the LAN party, yes I meant what you described about group bookings…[Read more]

Hi Rob,

It’s about time I made a post in this forum. I have been a long time reader of this site and have appreciated the information I have gained from your posts. Anyhow some ideas you may want to consider for your venture (some already suggested).

• Tuition / courses during quiet times for corporate clients / Seniors / Computer ill…[Read more]