Offset account has been offsetting the wrong loan

Discussion in 'Accounting & Tax' started by vbplease, 5th Nov, 2016.

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  1. vbplease

    vbplease Well-Known Member

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    I've been slack and not submitted my last 2 x tax returns.. and I've now found a huge mistake with the details of my loan accounts, specifically which loan my offset account was offsetting after changing PPOR to IP and buying a new PPOR.

    For about 18months I had large sum offsetting an IP loan instead of the PPOR.. I'm guessing what's done is done and it's been a big lesson for me to double check and triple check.. but is there anyway this can be amended? There hasn't been any contamination, just in my statements it shows the IP loan with half the interest it should be and the PPOR maximum interest :oops:
     
    vbplease, 5th Nov, 2016
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  2. Bran

    Bran Well-Known Member

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    Watching, but doubt it.

    Shift it over asap!

    Bugger.
     
    Bran, 5th Nov, 2016
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  3. Terry_w

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

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    You will have to ask the bank if they can back date it - extremely unlikely I would think.
     
    Terry_w, 5th Nov, 2016
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  4. wylie

    wylie Moderator Staff Member

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    At least your offset was offsetting something :rolleyes:. We found out ours had never been linked and got backpaid about $6k from memory when we found out.
     
    wylie, 5th Nov, 2016
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  5. vbplease

    vbplease Well-Known Member

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    I'll ask the bank and see how I go..
    I was sure I asked the Bank over the phone regarding the offset being amended to offset the new PPOR but should have realised a long time ago.. my bad.
     
    vbplease, 5th Nov, 2016
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  6. vbplease

    vbplease Well-Known Member

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    Oh dear..
    Did they manage to process the prepaid interest for this financial year??
     
    vbplease, 5th Nov, 2016
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  7. wylie

    wylie Moderator Staff Member

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    Only two loans this year and both went through ok. First time in several years they've got it right.

    But they've stuffed something else up and overcharged us interest. I'm working on sorting that out.
     
    wylie, 5th Nov, 2016
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  8. Terry_w

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

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    Stick to this story (and hope they don't replay the recording back to you)
     
    Terry_w, 5th Nov, 2016
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