Best I/O Product out there with an Offset Account

I'm moving interstate and want to lease my current place, which means I need to switch from OO to IO - any recommendations on the best provider for a low rate P&I IO loan that also has an offset?

None of the big banks seem to be competitive, given TicToc and Athena have much better rates given our LVR of ~76%. The current front runner is TicToc as they've got an offset account option for $10/month extra, which seems reasonable. Just curious if there're any other reliable providers I may have missed?


  • +4 votes

    Don't tell bank it's now an investment if you're renting elsewhere.
    Go after a OO loan.


      Is that something people often do? Surely there're some sort of legal issues with you doing that right?

      • +1 vote

        just keep as is as OO rates are lower than investor rates.

        If you get a loan for a new property in your new state, with a different bank to your current loan, you can try and get that as OO also.
        You may have a problem if you get a new loan with the same bank.

        BTW, I think you are confusing some acronyms.

        "low rate P&I IO" - that doesn't actually make sense.

        P&I = principal and interest (repayments)
        IO = interest only (repayments)

        You are asking info on switching from OO (or PPOR) to IP (Investment Property)


    Don't do sh!t. Just leave it as is, unless your current OO mortgage is sh!t. Still, an IP mortgage is likely to be "worse". I think you are supposed to tell your lender that it's now a IP though, but I haven't and nothing has happened.