Some allow it, but the card operator will likely call it a cash advance AND the trading platform will also likely charge you more. So you’re starting well behind.
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Yep, essentially there’s nothing stopping you from turning a CC purchase into cash (Though it won’t always be easy to get full 1:1 value), and then locking the debt into a balance transfer (Outside of the possible Credit Score hit/lower borrowing/etc).
Once you factor in the interest you’d pay (depending on tax bracket) you’d still come out slightly ahead.
As with anything there are risks involved. Say you lock it into a term deposit, then lose your job/etc and can’t get approved for another BT once that one expires? You’re left either paying the full interest, or breaking your term deposit and paying all the fees associated there.
Thats not a problem for me.
Its only going to be a 10-20k investment on a credit card.
(Ive never enquired about higher limits).
Im just thinking about having more money working for me thats effectively someone elses.
Maybe I have misunderstood, but you cannot buy shares with a credit card, no legitimate broker would do this. I suspect if anyone approached on this basis then it is a scam.
That said there is no reason you couldn’t get a cash advance to max out your first card and then transfer the balance on to the new card. I looked at it once and you need to read the fine print, as nothing is for free or no risk.
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Also i am in need of some advice before I pay an accountant.
If my other half has offered me a gift of some money to store in my offset account(source of funds totally fine) and at some point I will give back.
Is there a way to receive that but not as taxable income?
Idea is to lower the net interest bill on a loan. The account is not in joint names.
A gift from a wife or partner is not taxable income.
We transfer monies like this all the time to maximise interest on advise from our Accountant.
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Gifts in general are not taxable.
The main concern with (substantial, genuine) gifts is if you are on the old-age pension (or will be in the next five years).
Now I wonder if it is net or gross gifts, if money is flowing in both directions at various times.
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My comments should be taken to include an engineer’s fudge factor.
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So accurate to within 10%.
And never exceeding 66% of yield.*
*although @theDJR no doubt prefers LRFD.
Fimance advice* please
- I’ll do proper research, so just a discussion, obvs
Should / Can / How I refinance?
I have a loan that was set up to do some renovations, but I never started the reno until just now. I just checked the rate, and it’s 8.8% which is higher than my mortgage rate. Mortgage rate (I’m guessing) if 6.5%.
Can I just take this loan to another bank and ask them to beat it? Or how do I go about refinancing?
If you are guessing your mortgage rate, you’re not trying hard enough.
Broad amount of mortgage left, and reno budget?
Generally the mortgage rate will be as cheap as you can get, so refinancing makes sense. Depending on the relative amounts and your ability to pay it off, there may be very few queries on why you want more than the current mortgage.
It’s in an offset account.
The cash = the mortgage. So haven’t bothered to know the rate.
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Just add it to the mortgage, then you will get the best rate.
Why didn’t you do that ?
I haven’t done anything yet.
We set up a loan to pay for a Reno. We delayed it so long that we ended up saving quite a bit of cash to put toward it.
I was thinking the bank will just say to roll it into one, but I might as well find another bank to play them off against.
youre in dire need of a good broker.
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Got a chance to buy my son’s dad-in-law’s 65 Mustang. Good investment or just good fun?
$47,000.
Depends how much money you have to burn.
But it could be worth it, and good fun.
I don’t know much about cars as investments, but I’d be concerned about who are the buyers going to be in years to come. Despite a ‘65 Mustang being a classic. I think there’s limited appeal for younger buyers, as they get older. Think older than ‘65, and those cars are less and less desirable.
Purely for investments I think you want to look at the JDM, or uniqcars that are somewhat iconic maybe 20 years old. By the time they hit 25, you can then sell them in America, so potentially the prices increase with demand.
Have seen yanks going bananas for Aussie utes, not to mention GTRs and even Kei trucks.
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Just go to finder or ratecity, select the best rate for the type of refinance loan you want and go for it.
Your new lender takes care of all the transfer for you after filling in the forms.
Churning a mortgage isnt that much harder than churning a mobile phone these days.
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Convertible or hardback ? What is condition like and how original is it?
$47,000 seems ok but as an investment not so sure. There are quite a number around and unless it is a limited model or in mint original condition it will not appreciate much. Have a friend who does restorations and he is staying away from these imports now and restoring Aussie classics and doing very well.
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