Hi guys!

This is my first post on the forums!

Thanks so much for this information, Jamie M. I'd heard that I/O & offset was the only way to go if you wanted to turn your PPOR into an IP, but I couldn't find the information that led to this conculusion, though I'd been searching for it.

My fiance and I took out a home loan for our first PPOR November 2011 (just a few months ago). I requested an offset account, but the mortgage broker we spoke to said redraw was pretty much the same thing, and the more he discussed it, the more I got confused and forgot why I wanted it! 

Now I've ended up with a P&I home loan with redraw facility , and we plan to make this an Investment Property in a few year's time…  .. Considering I've spent the last year or two researching property (reading books, magazines, attending seminars), I was pretty annoyed at myself for this rookie mistake.
We only had a small deposit though, so it might have had something to do with the options that were available to us.

I think I need to speak with the bank and find out if I can turn the loan into an I/O & offset.
In the next year and a half we're saving for the wedding and I was planning to have this money offset the loan.

Thanks again for your wisdom, Jamie M.

Kind regards,

Louise