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oobi shares???
just kidding - the mortgage offsetting sounds good - you will save a lot in interest just in that time if you have the right sort of mortgage (we put all of our salaries into ours and redraw and we save lots of int just by having as much as poss in there each day).
term deposits can also give you a risk free and easy return but it wouldnt be that big on that amount of money and that timing - but a safe bet if your mortgage isnt suitable.
For what it's worth, I think the Mortgage Offset account is the best way to go...and keep paying your regular monthly payments - you'd be surprised at what a difference it makes.
well i am borring, I would definitely put it on my mortgage - the money saved in interest could go towards paying the mortgage down even further and then I could use the leverage created against my PPOR to invest towards more property.
what's PPOR Misty?
ppor = primary place of residence
I'd lend the money to someone that is going to retire in two years, then they can put all their income into super so they don't pay any tax and give it back to me at the end with a nice return on it :D
That way, I make a good return, the money is safe and I help someone out with paying less tax.
Or sit it on the mortgage...
A tad late in the conversation ;) But thought I'd throw my 2c in seeing as we've BTDT, but with $20,000.
We parked it in our mortgage. We have a premium option home loan with a full redraw facility. We already had it prior to this so it hasn't cost us any more money to do it and I know we have saved a nice chunk of interest. Haven't calculated exactly how much though.
On a personal level it has caused a great deal of stress. The person who we are looking after it for is quite highly strung and we have come close to withdrawing if for her so we can't have it thrown back at us how much of a favour she is doing for us as she has reminded us of that several times. She did get antsy about it too and once ask if I could work out how much we are saving and pay her half of it monthly. She must have rethought that one because I said it was too hard to figure it out and I'd rather give it back.
We also did spent a chunk if it when she told us to because she said she might not need it for 10+ years, only for her to tell us that she needed it all back so we saved like mad, only for her then to say that she didn't need it all really and she just needed to know it was all available :wall: Then she took half to go toward a new car. Now she has been asking for it in dribs and drabs so now it's only $6,000 that we have of hers now.
Long story short lol take it and sit it in your loan but don't spend it and if it causes angst then take it out and give it back ;)
Raven - that situation sounds like more trouble then it is worth. I would have just given the money back and said thanks but no thanks.