Home loan structure: mortgage payments from other banks?

Hi everyone,

Wanting to know how everyone structures home loan repayments.

Have 2 IPs and a PPOR.

Wanting to have PPOR with an offset account and 2 loans IO IP loans.

I know wages/rent/payments go into the offset.
Credit card to pay for bills to take advantage of the 55 day free credit.
All 3 houses with 3 different banks.

Is it at all possible to have the 2 IP loans take money directly from the offset for PPOR. Ie can banks take mortgage payments out of another institution bank that you nominate?

Thanks for the help

 

Yes they can, it's usually no trouble at all

 

Generally you can - there are a couple lenders which won't allow interest only payments to be made from an external lenders accounts ie ANZ and others which won't let you automatically set this up and require any change be done in branch on existing accounts.

 

Check with the banks you have the IP loans with if it's possible. As Corey mentioned above - some will require IO repayments be taken from their own account.

Cheers

Jamie

 

Yeh unfortunately with ANZ for one of them. I will talk to them and really push the envelope.

 

Set up an anz account to be debited from, set up a periodic payment from your offset account to this account the last day of each month.

Calculate the payment as loan amount times interest rate divided by 365 times 31 (not divided by 12) and make sure you remember to change this when anz increases the rate over the coming months.