Automatic payments for CBA - from diff bank?

Discussion in 'Loans & Mortgage Brokers' started by Jmillar, 10th Apr, 2020.

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  1. Jmillar

    Jmillar Well-Known Member

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    Hi all,

    Currently I keep cash in a bunch of different offset accountsin different banks but trying to centralise as much of this into my new PPOR offset as possible now. Also I'll be fixing my remaining CBA loans so I won't have any offsets there any more.

    Does anyone know if CBA allow you to set up mortgage payments to be automatically taken from a non-CBA account? My PPOR is with Firstmac so intending for payments to come from here moving forward.

    ANZ online chat confirmed they allow payments to come from diff. bank so that negates the need for me to keep cash with ANZ moving forward :)

    Also thinking of switching from an ANZ credit card to CBA - does anyone know whether you can set up automatic credit card payments to come from a non-CBA account as well?

    CBA customer service closed this long weekend and trying to get it all figured out today. Couldn't seem to find the answers in their FAQs :)

    Thanks
     
  2. Trainee

    Trainee Well-Known Member

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    Did you figure out the potential issue with the fact that Firstmac doesnt seem to be a real offset?

    You put all your money into a redraw offset (oxymoron), if there are issues and they close the redraw.......
     
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  3. Jmillar

    Jmillar Well-Known Member

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    Good question. The answer is: kind of. I'll post in the relevant thread here
     
  4. Peter_Tersteeg

    Peter_Tersteeg Well-Known Member Business Member

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    I can confirm that the CBA will direct debit repayments from another financial institution.

    I don't know if the Firstmac 'redraw offset' account is suitable, but I suspect it is.
     
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  5. rhinsor

    rhinsor Well-Known Member

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    They do but if you have a yearly fee (eg $395) for a package they will only take it from a CBA account or the loan it self.

    This has annoyed me for years
     
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  6. Jmillar

    Jmillar Well-Known Member

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    Thanks guys. Anyone know whether they will accept the same for credit cards too?