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?
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?
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.
Nope. See my post titled "tax tip 1" Tax Tip 1: Parking borrowed money in an offset account https://propertychat.com.au/communi...ing-borrowed-money-in-an-offset-account.1313/
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
Maybe top up LOC when ever possible for future purchases, so you're not caught scrambling at the 11th hour.
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?
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