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Thread: Financial Shit Talk Thread

  1. #476
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    It's unfortunate, but your not the only person in this situation.

    I was lucky when they changed platforms that I moved half my account to SAXO. In hindsight, I should have moved everything.

  2. Likes TheChad likes this post
  3. #477
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    It's really frustrating because it's not really anyone's fault apart from these high level scam artists. So many brokers going under in Australia in the last 3-5 years. It's ridiculous that this can still happen, because it's regular people who lose out. I wasn't playing with huge amounts of money, i'll probably lose a couple of grand in this lesson total. Glad it's happening now and not in 10-20 years when houses, marriages and children's educations are on the line.

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  5. #478
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    Anyone trading Z1P on the ASX at the moment? Have watched it over the last couple months jump from $1.50 to $3.50. APT (seemingly their competitor) seemed to have gone from $1.50 to $25 in a year or so.
    Structural Engineer

    '00 Toyota Supra RZ // '72 XA Fairmont Sedan // '13 YZF-R1

  6. #479
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    Has anyone used credit cards and balance transfers to generate very low interest $ to purchase a car?
    Thinking about buying a 20+ year old car PRIVATE Sale but don’t want to use cash as that is reducing my term/interest on the mortgage in the redraw account.
    So the idea is to get my current platinum credit card limit lifted to say $30k, take out a cash advance of $25k, then before that card goes out of the interest free period transfer the balance to a new card that has about 2 years interest free (but you pay off the principal gradually during that time) at the end of the 2 years you do another balance transfer to another card.
    Anyone done something like this before?
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  7. #480
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    For most cards the cash advance fee is usually 2 to 3%. Then as often as not the interest rate on cash advances is higher than normal and applied immediately.

    So, say you have a Bankwest Platinum card:
    Your $30k will cost $600 to get hold of. Then the interest rate is immediately 22% - another $500 per month.

    In short it wont work and it is a shit idea generally borrowing money for cars.

  8. Likes mr_rotary, Lump, Damo 69 likes this post
  9. #481
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    Ahh ok I wasn’t told about the cash advance fee.
    So if that balance transfer to the new card is done a day or 2 after the cash advance - how much interest would I have to pay on that roughly?
    Thanks again for explaining it
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  10. #482
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    So $600 in fees and if I did the balance transfer (have it pre approved )ASAP another $50 in interest.

    With balance transfer fee of 1.5% all up it would cost about $1k to borrow $25k over 2 years - seems fuck all to me.
    What am I missing?
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  11. #483
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    Probably fine print somewhere that says you cant transfer over cash advance moneys. Dunno.

    EG:
    1. Annual fee waiver, promotional ongoing purchase rate and introductory balance transfer rate offer is available to new Breeze Mastercard customers who apply from 24 July 2019 until the promotion ends. Excludes product transfers from existing Bankwest credit cards. Rates are subject to change and exclude cash advances (rate 21.99% p.a. applies).

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  13. #484
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    Mar 2006
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    Thinking outside the square, could you use Paypal and pay via credit card? Then change credit cards

  14. #485
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    Quote Originally Posted by mr_rotary View Post
    Thinking outside the square, could you use Paypal and pay via credit card? Then change credit cards
    Steal neighbours dog that barks all night and generally gives you the shits.
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    Win.

  15. #486
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    Yeah credit cards have never allowed a cash advance without punitive fees.
    a n t i l a g . c o m

  16. #487
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    sitting at $4.10 after coming back from $5.50 last month

    worth a watch

  17. #488
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    Quote Originally Posted by mys1 View Post
    sitting at $4.10 after coming back from $5.50 last month

    worth a watch
    What sort of watch ?
    a n t i l a g . c o m

  18. #489
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    Quote Originally Posted by djr81 View Post
    Probably fine print somewhere that says you cant transfer over cash advance moneys. Dunno.

    EG:
    1. Annual fee waiver, promotional ongoing purchase rate and introductory balance transfer rate offer is available to new Breeze Mastercard customers who apply from 24 July 2019 until the promotion ends. Excludes product transfers from existing Bankwest credit cards. Rates are subject to change and exclude cash advances (rate 21.99% p.a. applies).

    I just spoke to westpac about this & they dont care where the debt came from - they will pay out your credit card that has been maxed out by a cash advance.
    All you have to do is get approval for from them for the amount you want them to take on with the balance transfer/new card.

    Gunna do som PDS checking, but she was adamant its not a problem to do this providing you can get approved for a $25/$30 k credit card limit.
    Cheers
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  19. #490
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    I've never bought a car this way but this was how i paid my engine build off. 20k on my normal cc then transferred immediately to a 0% interest balance transfer card. Work well and can end up paying off with no fees or interest.

    Sent from my SM-G950F using Tapatalk
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  21. #491
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    Quote Originally Posted by Lump View Post
    I just spoke to westpac about this & they dont care where the debt came from - they will pay out your credit card that has been maxed out by a cash advance.
    All you have to do is get approval for from them for the amount you want them to take on with the balance transfer/new card.

    Gunna do som PDS checking, but she was adamant its not a problem to do this providing you can get approved for a $25/$30 k credit card limit.
    Cheers
    Maybe. But 2% cash advance + 1.5% transfer =3.5% is about the same as your mortgage rate, just up paid upfront instead of over two years. Works out about the same amount of money.
    All that fking about and how much would you save vs using the redraw on your mortgage? Anything? Two hours worth of overtime?

  22. Likes Lump likes this post
  23. #492
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    yeah, I get that - Now.
    My other 2 cars Ive paid cash for out of redraw - sure it was only $50k total for both - 2012 Merc SLK & a 2009 Merc GL320CDI, but I find it hard to pay out another $35k for a toy.
    If it was going to cost me a few grand to borrow $25k over a few years that would be cool - and keep seeing the redraw go up (currently got 150k in there, so not a hell of a lot).

    Great info though, I appreciate the advice. I don't get paid overtime, just get time off in leu :|
    ____________________________
    2002 Audi S3 465WHP @ 30 PSI

  24. #493
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    Quote Originally Posted by butters View Post
    I've never bought a car this way but this was how i paid my engine build off. 20k on my normal cc then transferred immediately to a 0% interest balance transfer card. Work well and can end up paying off with no fees or interest.

    Sent from my SM-G950F using Tapatalk
    My mate did this for a while with some dodgy shit my end up having a chunk of his mortgage interest free for some time. All good until his credit score went to crap for burning through credit cards so often haha

    Financial thing that shit me today, was dealing with someone with Bankwest when I found out a mate was getting 3.21%, I had a shitty old product that was in the 4's so contacted someone at Bankwest asking if I could get 3.21, they came back with 3.31 and never replied to my email asking if I can't get 3.21 because I am not in enough debt, weeks pass no reply so ask my mate from work who put me onto his broker, same deal and confirms dont have the debt to get that rate. Said okay I'll take 3.31 for now then. Paperwork rocked up today, the money the banks pays to the mortgage broker is more than the gap down to 3.21 on my mortgage. They could have more money in their own pocket if they gave me the good rate. I am fucking livid and dumbfounded at the same time.

  25. #494
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    May 2005
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    2,425
    just wait till next year good chance rates will drop even more, hopefully the banks will pass it on lol

  26. #495
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    Oct 2003
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    Will we get to negative rates?
    a n t i l a g . c o m

  27. #496
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    Mar 2006
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    Quote Originally Posted by crabman View Post
    My mate did this for a while with some dodgy shit my end up having a chunk of his mortgage interest free for some time. All good until his credit score went to crap for burning through credit cards so often haha

    Financial thing that shit me today, was dealing with someone with Bankwest when I found out a mate was getting 3.21%, I had a shitty old product that was in the 4's so contacted someone at Bankwest asking if I could get 3.21, they came back with 3.31 and never replied to my email asking if I can't get 3.21 because I am not in enough debt, weeks pass no reply so ask my mate from work who put me onto his broker, same deal and confirms dont have the debt to get that rate. Said okay I'll take 3.31 for now then. Paperwork rocked up today, the money the banks pays to the mortgage broker is more than the gap down to 3.21 on my mortgage. They could have more money in their own pocket if they gave me the good rate. I am fucking livid and dumbfounded at the same time.
    I was also with Bankwest and a similar scenario asking them to drop. Same issue is they would not go down to what I was asking. I walked.
    I always swap my credit cards grabbing the free points deals, never had issues.

  28. #497
    Join Date
    Apr 2013
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    Perth, WA
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    anyone keeping up with what is happening across the ditch with the kiwi banks and their changes to asset accounting and capital???? ///

    //

    on another note , with the dramas' westpac have been having they rolled out a sneaky change to their deposit atm's last month.. where they had a screen come up when you made a cash deposit saying that you would not be able to use funds till after next banking day...WTF..... anyway, really makes it hard for cashflow when you have been paid in cash for legit invoiced work and need to put money in bank as you cant pay some suppliers in cash or on weekend without a bank but the bank wont let you use your money... anyway complained in person and writing to multiple branches no reply yet when did a deposit yesterday the warning didnt seem to be there? hopefully it is back to normal as their smart atms make things easier for sure.


    //
    team sports can go to hell. I'm never going to rely on some weak minded MufaF@#$ to help me win a game. Ill win it myself. George Leeman.

  29. #498
    Join Date
    Jun 2006
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    284
    Quote Originally Posted by dmanvan View Post
    anyone keeping up with what is happening across the ditch with the kiwi banks and their changes to asset accounting and capital???? ///



    //
    Key points
    • Systemically important banks (which include the NZ subsidiaries of the Aussie major banks) will be required to have Total capital equal to 18% of risk weighted assets (RWA). Long-term subordinated debt ('Tier 2' capital) can contribute up to 2% of RWA towards this requirement. These banks will be required to have Tier 1 capital equal to 16% of RWA and of this redeemable preference shares (or 'Additional Tier 1' capital) can contribute up to 2.5% (leaving 13.5% of RWA to be met with common equity Tier 1 capital or 'CET1').
    • RWA outcomes for IRB banks will be increased to ~90% of what would be calculated under the standardised approach (same as originally proposed).
    • The new capital regime will take effect from 1 July 2020 and banks will be given up to 7 years to comply.

    General advice - higher than Australian requirements, which are some of the highest around, so about 13.5% over 7 years.... its better than most expected was initially 14.5% and 5 yrs and most can be handled out of retained earnings

  30. #499
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    Quote Originally Posted by mr_rotary View Post
    I was also with Bankwest and a similar scenario asking them to drop. Same issue is they would not go down to what I was asking. I walked.
    I always swap my credit cards grabbing the free points deals, never had issues.
    Have had issues with it before, as every time I looked into changing my CC they logged it onto my credit report when they had a peek.

    Got to the point I got knocked back because they thought I had multiple CCs when in reality I only had the initial one still.
    08 XR6 Turbo - Daily
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  31. #500
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    Quote Originally Posted by mr_rotary View Post
    I was also with Bankwest and a similar scenario asking them to drop. Same issue is they would not go down to what I was asking. I walked.
    I always swap my credit cards grabbing the free points deals, never had issues.
    I'll see where my rage email gets me. But once I see online lenders like Athena offering very close to 2% (RBA will go negative 2021, fingers crossed anyway) I'll be looking at finally giving up on the whole 1 bank for everything because it's a nice thing to log on in one spot and know where you're at financially.

    Yet to look into the changes BankWest made to their platinum card travel insurance changes, if the premium you have to pay to get all the inclusions as before is too high it's rendered it useless to me, better off just organising blanket coverage through a travel insurance provider.

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