Thanks for the replies, I’ve started looking at the other major lenders (presuming ANZ, Westpac etc?). I have found that Westpac has a “Rocket Investment Loan” that has an offset account and a 0.7% discount when you get their package, which works out to be $0 application fee, $33 per month, rate of 7.51-0.7=6.81% (making BW or Homeside a better…[Read more]

Terryw wrote:

zeph34 wrote:
If I get an IO loan, and pay only interest, but put the extra part of the repayments into the offset account, the end repayments would be the same (obviously they would drop considerably if I put more than just the "standard" repayments into the offset)?

This would be correct in terms of interest payable – in…[Read more]

This is interesting, because it’s almost word for word my situation (live with parents, 280k house, 60k deposit, first home/ip etc). I have decided that I will be getting a loan with an offset account, but I’m planning on holding back a bit more of the deposit (about 20k) and getting a slightly larger loan, and then sinking the excess money…[Read more]