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Ask Finder: Can I get a mortgage offset account in my business’s name?

A worried business owner.

A business woman checking papers at her desk and looking worried.

Business mortgages with offset accounts do exist. The tricky part is understanding how it affects your tax.

I am looking at refinancing a home loan that is in a business name. I do not draw a salary from this business. Do you know of any bank that will allow me to have an offset account attached to the loan in the business name?


Offset Entrepreneur

Dear Offset Entrepreneur,

Thanks for your question. Yes, there are banks that offer offset accounts on home loans in a company name. These will generally be specific business loan offset accounts. Among the major banks, both ANZ and Westpac offer 100% offset accounts on business loans.

However, you may run into some sticky tax issues if your home loan is in your name and you try parking business funds in it. While offset accounts don't draw interest, and therefore don't produce earnings you'd have to claim on your taxes, as a company director you have to account for the funds you move from a business account to a personal account.

The ATO is pretty vigilant when it comes to companies structuring their funds to gain a financial advantage. If you've moved company funds into a personal home loan, it will have to be in payment for some good or service, or a loan at market rates.

Before you think about using company funds to offset the interest on your personal home loan, make sure you speak to your accountant or tax specialist. The interest you save by using an offset account won't be worth much if you run afoul of the ATO.

Hope this helps!

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