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  • Profile photo of Isiah ThomasIsiah Thomas
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    @isiah-thomas
    Join Date: 2011
    Post Count: 7
    February 16, 2013 - 9:23 pm

    Thanks guys,

                         Far out I almost got a redraw account on my loan instead of an offset account and that would have stuffed everything up! Thanks for the clarification people, much appreciated.

                            Isiah

    Profile photo of Isiah ThomasIsiah Thomas
    Member
    @isiah-thomas
    Join Date: 2011
    Post Count: 7
    February 16, 2013 - 9:41 am

    Hey guys, just another quick question. I have been reading that an offset account is better for my investment property than a redraw account. The reason being taxation purposes. If I use a redraw account to pay down my debt and then want to take all the money out to buy a PPOR, the interest I am now paying again on my investment property is no longer tax deductable, however, if I use an offset account in the same scenario then the interest IS tax deductable. Could anyone shed some light on this matter as to whether this is correct?

    Also the Misa account from the CBA is an offset account right?

            Thanks in advance,

                                          Isiah

    Profile photo of Isiah ThomasIsiah Thomas
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    @isiah-thomas
    Join Date: 2011
    Post Count: 7
    February 7, 2013 - 11:36 am

    Cheers Jaimie, and yeah no credit card debts thank goodness

    Profile photo of Isiah ThomasIsiah Thomas
    Member
    @isiah-thomas
    Join Date: 2011
    Post Count: 7
    February 7, 2013 - 9:59 am

    Thanks for the speedy reply BigCubez, I thought this to be the case

      Cheers,

                  Isiah

    Profile photo of Isiah ThomasIsiah Thomas
    Member
    @isiah-thomas
    Join Date: 2011
    Post Count: 7
    September 19, 2011 - 7:57 am

    Hey thanks heaps guys, I'll have to contact my bank tomorrow and see if I can set up an offset account…. Thanks again!!!!!!!!!

Viewing 5 posts - 1 through 5 (of 5 total)