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Trustee Company - Offset Account - which banks?

Discussion in 'Property Finance' started by Dave1, 20th Apr, 2016.

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  1. Dave1

    Dave1 Member

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    Hi there

    Can someone please urgently tell me which banks offer trustee companies an offset account on home loans? I've been told that Suncorp doesn't so need an alternative quickly.

    Many thanks
    David
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    The dragon

    Cba

    Et al

    Ta

    Rolf
     
  3. Dave1

    Dave1 Member

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    Thanks Rolf whats the best variable I can get on a 392k loan, with a lender that offers offset accounts to trustee companies?
     
  4. Dave1

    Dave1 Member

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    (Noting it's not an owner occupied property)
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    This will depend on the situation - other loans with the same lender, LVR, IO or pi etc.
     
  6. Dave1

    Dave1 Member

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    Thanks we are hoping to get 80% and IO
     
  7. God_of_money

    God_of_money Well-Known Member

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    CBA does NOT offer full offset account in trustee company, only MISA. The way I did is to borrow under my name with security guarantee of family trust (company trustee) to get full offset and variable rate 4.1%@ 80 LVR. It is an IP and I m not sure about PPOR
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    And who used the money?
     
  9. God_of_money

    God_of_money Well-Known Member

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    what do u mean who used the money?
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    You or the trust?
     
  11. God_of_money

    God_of_money Well-Known Member

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  12. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Hope you sought legal and tax advice on this?
     
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  13. Emma Pearce

    Emma Pearce Member

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    Correct me if I've misunderstood...I have a CBA loan in the name of a trustee company, I'm guarantor on the loan. Are you saying the MISA isn't 100% offsetting the loan? And the reason is because it's in the name of a trustee company?
     
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  14. God_of_money

    God_of_money Well-Known Member

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    CBA Offset account can only have individual name, but not trustee company.

    MISA is not a true aka "pseudo" offset account...

    I have 3x MISA accounts, it is not a fully transactional account.
     
    Last edited: 21st Apr, 2016
  15. God_of_money

    God_of_money Well-Known Member

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    Yes, done through CGW Structures, Brisbane
     
  16. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    They don't appear to be either lawyers or tax agents but document suppliers.

    Hope you have a written loan agreement with the trustee on commercial terms. otherwise the interest will be deductible to neither you nor the trust.
     
  17. God_of_money

    God_of_money Well-Known Member

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    This is the link to their website

    Brisbane Law Firm | Cooper Grace Ward Lawyers
     
  18. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    This is a separate company and not the one you referred to. They are a law firm so you hopefully got the advice from them.