LOC package advice - How to manage splits?

I can transfer funds straight out which works for investments like managed funds... but as for drawing a cheque, not quite sure how I'd go about that. The account didn't come with a chequebook

 

So you only use it for investment property expense ? such as council rate bills etc ?

I guess you can use Bpay on the LOC loan as well ? Aslo does Macquaire give you an access card that is linked to your LOC ?

 

Cool thanks Rico

 

Also I notice if you have both LOC and variable loans under professional package, you need to pay $350 annual fee for the LOC and another $350 for variable loans.

$700 sounds a bit too much. I guess you have both types, do you pay $700 annualy?

After a bit of research, i guess you are spliting your variable rate loan into 10 sub-accounts. Let's say you have created a sub account for a investment property's deposit, you have set it up on AMP internet banking. How do you make a cheque that is directly withdraw from this sub-account ?

Do you get a seperate BSB Acc number for each sub account ? Aslo you get individual statement for each sub account as well ?

 

You need to send in paperwork to change the splits the way you would like them (not something most people would be doing often), 10k min each. Each sub account and each offset account has its own account number/bsb etc. Each sub gets its own statement. I dont have the need for a cheque book, haven't used one in years, not sure if available. To transfer money externally its exactly the same as normal internet banking. All very easy (unless you have 10 subs and 10 offsets you'd need to keep track of 20 accounts!)

Not sure if I am paying 700 a year in fee's, I think its only $350 each year but could be wrong.

 

If your are only paying $350 a year, you probably have the variable loan only and have a few sub accounts. Thanks for sharing the information.

 

Hi Chylld, so you have to call the bank every time you need to create a new split ?

Why didn't you choose the Macquarie offset home loan ? it has offset functionality and also can be split into 10 sub accounts. ?