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  • Profile photo of GalvieGalvie
    Member
    @galvie
    Join Date: 2003
    Post Count: 3
    September 1, 2003 - 2:29 am

    Resurrect,

    your are right that RLOC is the fastest way to pay off a loan as long as you are dissiplined and use the credit card (facility) to its full potential.

    ING Banks (all in one) account is the best as it offers no account keeping fees, unlimited cash withdrawals without fees, use of any atm with out fees and all the other bells and whistles.

    The redraw facility is great especially for future investment purchases.

    Regards Rod

    quote:

    Hi there,

    I am currently having an offset account with CBA. I have recently been told that an RLOC is much better than an offset account. my offset account is PI for 30 years and the i know the RLOC is I/O.

    I have read prosolution’s article on the truth about offset account ( that the same result can be achieved by making weekly paymetns on a standard loan) but am hoping if someone can provide a comparison of RLOC vs Offset account.

    thanks to teh finance gurus.

    Profile photo of GalvieGalvie
    Member
    @galvie
    Join Date: 2003
    Post Count: 3
    September 1, 2003 - 2:15 am

    Marty,
    you are giving your son a great experience, I talk more about money, investing, saving and income to my children then my parents ever did. Unfortunately this is probably the only time they will come incontact with this.

    Hopefully it will make a difference in future.

    Regards Rod

    quote]
    Hi all. I have thought for a long time that some form of “money education” needs to be taught in some capacity at schools. What I try to do with my son (and have done for the last few years) who is 16, is to take him with me when I visit my accountant, R/E agents or even talking to banks re my loans. I then discuss with him what and why I am doing whatever it may be and then I’ll ask if he has any questions. None of the above was done for me (only because my parents didn’t know about investing etc) so hopefully some of the “jargin” will not be a deterrant to my son. I don’t push it on him, but try to evoke questions or thoughts from him so that at least he has some sort of idea about property investing and/or money issues in general.

    Cheers

    Marty
    [/quote]

    Profile photo of GalvieGalvie
    Member
    @galvie
    Join Date: 2003
    Post Count: 3
    August 30, 2003 - 5:17 am

    Try
    John Palmer at InterLend
    3899 8588

    very switched on.

    Regsards Rod Galvin

Viewing 3 posts - 1 through 3 (of 3 total)