Westpac offset accounts - can I have one for each loan?

Discussion in 'Loans & Mortgage Brokers' started by wylie, 7th Jun, 2017.

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  1. wylie

    wylie Moderator Staff Member

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    I can phone Westpac but thought this might be quicker...

    Can I have more than one offset account with Westpac - one account opened to offset one loan and another accounted to offset another loan?
     
    wylie, 7th Jun, 2017
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    yes you can have more than Classic, offset to one loan only

    you can have 5 loans and 5 offsets matched

    ta
    rolf
     
    Rolf Latham, 7th Jun, 2017
    #2
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  3. wylie

    wylie Moderator Staff Member

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    Thanks Rolf. That's great news.
     
    wylie, 7th Jun, 2017
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  4. Zoolander

    Zoolander Well-Known Member

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    Some banks like NAB even allow for multiple offsets linked to the same loan, in situations where you need to keep your own savings (for personal use) separate to refinanced "for investment only" bank buffers.

    Dunno if Westpac offer this, but it technically doesn't seem that challenging to accommodate...
     
    Zoolander, 7th Jun, 2017
    #4
  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Westpac, NAB and ANZ do not offer this facility. Suncorp, Bank of Melbourne and CBA do.
     
    Peter_Tersteeg, 7th Jun, 2017
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  6. Maro

    Maro Member

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    Can you have the same offset account linked to more than one loan ( PPOR and IP)???
     
    Maro, 28th Apr, 2018
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  7. Anthony Brew

    Anthony Brew Well-Known Member

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    I don't think that makes sense. The offset is literally "offsetting" the amount that interest is charged on. When calculating interest repayments, how would the bank apportion how much of the offset is used for each loan?

    In practical terms though, why would you want an offset on your IP loan if you have non-deductible debt that you can use it to offset against?
    If you are wanting to have 2 separate stores of money in offsets, I would think just getting 2 offsets against your non-deductible loan would make more sense if that was an option.
     
    Anthony Brew, 28th Apr, 2018
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  8. Maro

    Maro Member

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    I was thinking if the same amount of money can be used to offset both loans (deductible and non deductible) why not??? I guess your points make sense. Banks are not that sgupid.
     
    Maro, 28th Apr, 2018
    #8
  9. Terry_w

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

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    No
     
    Terry_w, 29th Apr, 2018
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  10. 158

    158 Well-Known Member

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    @wylie speaking of Westpac, it must almost be time for you to start pulling your hair out regarding forward interest payments? :p


    pinkboy
     
    158, 29th Apr, 2018
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  11. dabbler

    dabbler Well-Known Member

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    If you find this holy grail, please share, with the proviso there are no loan limits that can be offset by that one offset please.
     
    dabbler, 1st May, 2018
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  12. skater

    skater Well-Known Member

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    @wylie, I've got 8-9 offsets with Westpac.
     
    skater, 1st May, 2018
    #12
  13. Anthony Brew

    Anthony Brew Well-Known Member

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    Why would you need 8-9 offsets?
     
    Anthony Brew, 1st May, 2018
    #13
  14. skater

    skater Well-Known Member

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    When you fill one up & you've got more funds to offset.
     
    skater, 1st May, 2018
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  15. neK

    neK Well-Known Member

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    I wish. Banks aren't that stupid.
    Though i would totally sign up to a lender that offered that. :D
     
    neK, 1st May, 2018
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  16. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I often get asked of the same offset account can be applied to multiple loans. I don't think people think this through very well.
     
    Peter_Tersteeg, 1st May, 2018
    #16
  17. BigRed

    BigRed Active Member

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    Obviously not. Wouldn't that be a dream come true.

    On another note, I quite like that Suncorp allow you to have up to 9 (?) offset accounts. Definitely makes organising money much easier.
     
    BigRed, 1st May, 2018
    #17
  18. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    It would be great to offset multiple loans. That would truly be leveraging!

    Multiple sub-accounts is a very nice feature. It can be very useful for saving and budgeting. It's not exclusive to Suncorp, the CBA and Macquarie do it as well. :)
     
    Peter_Tersteeg, 1st May, 2018
    #18