Hello,
My spouse and myself have a Loan Account in our joint names which we have recently opened to purchase an investment property.
It has a linked Offset Account, which was mistakenly opened in a single name.
Would having an Offset Account in a single person name (as opposed to joint names for the Loan Account) have any implications on tax deductions or GST later down the line? - Or all it matters is ownership of the Loan Account only?
As a background - Offset Account was opened in a single name by bank clerk mistake and bank rejects our request to amend the name, saying that it is impossible to change offset account name after it was opened. Bank offers to close this offset account and create another one in the joint names. Would doing so complicate anything (e.g. in relation to loan purpose)?
Any advice would be highly appreciated!
3,123 views
1 replies