Offset Account linked to Investment Property

My query relates to this situation:

No personal debt.
Offset account that all income goes into and all expenses are paid from held in name of myself and husband.
Three separate investment loans all held by the 2 of us.

Currently the offset account is attached to one loan however I want to change it so it is attached to a different loan so I can offset a larger amount than the current loan value.

Is there any issue in changing the loan the offset is attached to? Interest claim will go up for one property but reduce on the other but won't change overall claim for each individual.

Thought?

 

Offset against loan with highest rates in that case. So long as there in no borrowed funds in the offset, it shouldn't be a problem

 

Thanks for your reply Dave.

I was hoping that was the case.

 

Yes it should be easy. ust ask the bank to link it to the other account - assuming same bank.

 

Offset non deductible debt first then deductible debt second.

Depending on the bank you are with you can have multiple offsets set up.

 

No issue. What you are doing is normal

 

I will be changing the loan attached. Same lender Terry.
No non deductible debt Colin
Unfortunately ANZ offers only one "free" savings account with Breakfree Package.

 

Its very easy to change with ANZ, can be done over the phone.

 

Thanks Terry that's good to know.