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LOC?

Discussion in 'Property Finance' started by Tranquilo, 16th Jul, 2015.

  1. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    I went to increase my withdraw limit (ING) and they said only can be raise to $5,000. I have to pay a 10% deposit tomorrow on a property. They said I would have to move to my everyday account and transfer that way.

    Can I do this without harming my deductibility for the LOC?
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    If the everyday account is completely empty you might be able to - it's not ideal but that's life. If not, can you set one up?
     
  3. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Thanks Jess. No it has money in it as its my offset account. I thought I may get away with it because it's my offset account and it would only be for the movement of this deposit.
     
    Last edited: 16th Jul, 2015
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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  5. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Thanks Terry I knew I couldn't do it.

    I've been on the phone with them. I can draw down a Cheque. It's going to take 24 hrs and I need both my wife and I signatures account ect and fax it through to them. Problem my wife finishes late so best case would be Monday
     
  6. Rixter

    Rixter Well-Known Member

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    Maybe top up LOC when ever possible for future purchases, so you're not caught scrambling at the 11th hour.
     
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    What about setting up a clean offset account?
     
  8. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Rixter it's my fault leaving it to the last minute. I could top up the LOC for next but still it's the online transfer that's caught me out.

    Terry I'll look at that as soon as I get home. Knowing ING complicated they are I hope so.

    So setup fresh offset account and transfer that way?
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Or just removing all funds from the existing one temporarily.
     
  10. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    Terry that sounds good yep so empty the offset account out and transfer my deposit in.
     
  11. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Simple solution.
     
  12. Tranquilo

    Tranquilo Well-Known Member Premium Member

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    I'm an idiot lol after the panic today about everything it turns out that I don't have to pay a 10%.
    After ringing my solicitor today she said that's not on the contract and why I thought that.
    When I bought in Victoria I paid a 10% deposit after 14 days.
    This property is in QLD:)

    Oh well its all part of learning I suppose:)