Question for the Finance people out there!

GOM

I beleive bank staff do get commissions – for both loans, insurance and other products.

With some banks sometimes clients can get larger discounts going direct, other times brokers can get them larger discounts

nope, but i was able to get a client more of a discount than when they approached the general loans section of ANZ.

I have all 3, ANZ, NAB, and Westpac. I prefer Westpac the best, although their rates are too high. ANZ a close second – they used to have 2 different types of offset, one which didn't kick in until $2000 balance. NAB are a pain in the butt wanting too many questions answered. You shouldn't need to pay any account fees on these banks loans under their packages.

Yes, used to use them a lot. Bankwest are not so competitive now and are not very trust friendly.
St G have 3 different offset accounts, only one of which do the savings come off the interest, the others reduce principle evne on an IO loan.

St G's LOC is very good, especially with the ability to have separate accounts set up after settlement and with different names. But ehse should only be used to access equity. If you start putting salary and wages into an offset you could get into trouble. It also has a high rate.

Opps, I was typing too fast. I think I meant LOC – can't see how you could get into trouble with an offset as long as you haven't withdrawn equity and are parking it there.

Theres no need to give reasons. I would just say you want to free up cash for personal expenses. IF your PPOR would become an IP then you will need to change things around – depending on how it is set up, so you may need a new ruling. eg you would no longer want to put cash into an offset against this house and you may also want to borrow to pay this loan from then on too.