All Topics / Finance / paying interest and bills for single title, but joint mortgage investment

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  • Profile photo of harro78harro78
    Member
    @harro78
    Join Date: 2009
    Post Count: 1
    July 4, 2010 - 10:52 am

    Hi all,

    Some ideas on the following would be great.
      For a single title investment with joint mortgage holders, is it ok to have a bank account (which is seperate from all others) in joint names to use for paying bills and expenses and also to have the interest payments coming out of the offset account linked up to PPOR which is used for everything.  Is this going to cause trouble should an audit take place or should I have an account in the name of the title holder to pay all interest payments, bills, etc

    Comments much appreciated,

    Thanks,

    David

    Profile photo of daivcdaivc
    Member
    @daivc
    Join Date: 2010
    Post Count: 1
    July 12, 2010 - 8:36 pm

    I think is more safe to create other account for paying bills and expenses  because sometimes bank make errors. and you will find than on a month you didn't pay a bill(bank take money form your account and they didn't register that bill like payed).

    best education

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 13, 2010 - 7:46 am

    Since you won't be borrowing money to pay the bills then i don't think you will have any issues. Best to have all money going into an offset account and to pay direct from ther i think.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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