mortgage offset - multicurrency accounts?

Discussion in 'Loans & Mortgage Brokers' started by zlatan9, 27th Jun, 2017.

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  1. zlatan9

    zlatan9 Well-Known Member

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    Has anyone come across mortgage offset accounts that offer multicurrency accounts?

    Say if you have cash in other currencies overseas - eg GBP, if the mortgage offset has a multicurrency account you could transfer that GBP cash into the mortgage offset GBP sub-account and have the AUD-equivalent of it apply to offset the mortgage.

    I appreciate that if such a product exists, there will be FX conversion costs (ie bad fx rates) when calculating what the AUD-equivalent of the GBP cash is but this still seems preferable to the alternative - which is converting the GBP to AUD and then having to convert it back to GBP when you need the GBP again for other purposes. The aim is to make good use of the GBP cash without taking FX risk for the period while it is in the offset.
     
    zlatan9, 27th Jun, 2017
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    never heard of such a feature and don't think you will find one out there.
     
    Terry_w, 27th Jun, 2017
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  3. Corey Batt

    Corey Batt Well-Known Member

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    No current product existing currently if I remember correctly.
     
    Corey Batt, 27th Jun, 2017
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  4. zlatan9

    zlatan9 Well-Known Member

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    Shame! sounds like a great product to me! :)
     
    zlatan9, 27th Jun, 2017
    #4
  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Doesn't exist in Australia as far as I'm aware.

    If you live in Asia, you can get loans through the banks there in various currencies. I've fairly certain they don't do offset accounts at all, but it might be possible.
     
    Peter_Tersteeg, 27th Jun, 2017
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  6. Richard Taylor

    Richard Taylor Well-Known Member

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    Yes couple of Asian lenders we deal with that offer such product but as the guys have said not offered by any traditional Australian lender.
     
    Richard Taylor, 27th Jun, 2017
    #6