offset interest?

Discussion in 'Property Finance' started by PandS, 8th Nov, 2018.

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  1. PandS

    PandS Well-Known Member

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    If you have an offset and the offset account cash is greater than the debt
    do you get interest on the offset account?
     
  2. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    no
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Glass overflows
     
  4. kierank

    kierank Well-Known Member

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    Withdraw the excess cash and put it to better use.
     
  5. PandS

    PandS Well-Known Member

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    Ok thanks

    It just temporary thing I just cash out a fair bit of profit from shares so I just park it there until I deployed the cash again, I am not out of the
    Market it just very large gain I tend to locked in the profit and find new shares to buy.

    trouble is I don’t when i will deployed the cash, I am very disciplined I know what price I want to pay for certain shares so it could be a few weeks a few months or a few years.

    I tend to do nothing when I don’t see opportunities, no fomo don’t care what every one is up to I run my own pace.

    I may open another interest bank account and dump the excess in there until it find a new home on the market.
     
  6. jazzsidana

    jazzsidana Mortgage Brokers - Investment Savvy Business Member

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    "Self disciplined people are more successful, healthier and happier in life".. :)


     
  7. PandS

    PandS Well-Known Member

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    Thanks I am very happy and live a simple but comfortable life.

    Hard part is to get your kids to see that same light but hopefully they get there one day.
     
  8. jazzsidana

    jazzsidana Mortgage Brokers - Investment Savvy Business Member

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    Lead by example!!... Say it, Do it, Coach it & Live it!. :)
     
  9. George Poullos

    George Poullos Finance Strategist Business Member

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    As others have said, won't provide any benefit. But, do you have another offset perhaps to park the money in? If not, then smile. It's a good position to be in either way. :)
     
  10. Eric Wu

    Eric Wu Mortgage Broker Business Plus Member

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    this is a good problem to have.

    in hindsight, when the offset was initially set up, it needed to factor in the potential saving rates ( comparing with the loan size),

    a good hypothetical question, and a good reminder re loan structure and future plan.
     
  11. Scott No Mates

    Scott No Mates Well-Known Member

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    Just park the excess in an interest bearing account - it has to be better than just allowing the bank to profit.