Using offset accounts

Discussion in 'Loans & Mortgage Brokers' started by christianeatouggh, 10th Jun, 2017.

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  1. christianeatouggh

    christianeatouggh Member

    Joined:
    27th Nov, 2016
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    Location:
    sydney
    Hi all

    I recently released some equity from a property that i own in sydney. I then purchased a place in bray park (qld) with some of the money and am using the rest to subdivide the block. I have about 100k sitting in offset against the property in sydney but i pay a slightly higher rate of interest on the property in bray park. should i move it to the offset account for the property in bray park? advice appreciated, chris
     
    christianeatouggh, 10th Jun, 2017
    #1
  2. Terry_w

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

    Joined:
    18th Jun, 2015
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    42,147
    Location:
    Australia wide
    are you talking about borrowed money in the offset?

    Sounds like you should seek some tax advice - see my tax tip 1 first.
     
    Terry_w, 10th Jun, 2017
    #2
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