Got my rate notice and was wondering if I'd be better off paying in 4 installments and leave the money in my offset at a rate of 5.84% currently or do I pay the whole lot in one go? Whats the calculation and is there something online to do this ? What's the gain in $?
Full payment $2551.44
4 installments of $644.97 (4 x $644.97 = $2579.88)
Thanks
pay zip off with credit card
Can you pay ZIP with a credit card? I didn't think you could.
You can. I've been doing it all this year since beem it removed the credit card option.
Quarterly.
Don't spend money until you have to.
It's normally not that clear cut.
They usually let you pay the full amount half way through the year.
Or paying quarterly but not earning interest/offsetting mortgage on the two $644 payments you've made before you would have made the full payment.
They usually let you pay the full amount half way through the year.
Are you sure? Could be different for everyone but when I receive my quarterly rates, there is a due by date where additional interest is added if I don't pay by the date.
EDIT: I went back and checked my rates from the first quarter when they start calculating it. Paying quarterly or annually have the exact same due date.
Moreland used to let you pay full approx half way through. Not sure if it’s the same this year but it was last year. But I guess every council is different.
Edit Just checked Maroondah. Full payment by mid Feb. otherwise first instalment in September.
https://www.maroondah.vic.gov.au/Customer-service/Payments-a…
I’ll let someone else do the math. But last time I worked it out it was almost the same. I think it was slightly in favour of lump sum payment. But that was a few years back.
If the quarterly amount is equal to the annual amount, pay quarterly.
Full payment $2551.44
4 installments of $644.97 (4 x $644.97 = $2579.88)
@CodeXD: Full or first payment 04/09/2023 by 4pm
06/11/2023 by 4pm
08/01/2024 by 4pm
11/03/2024 by 4pm
@CodeXD: It depends on some other factors:
Credit card billing cycle. It may be of no difference to pay some weeks/days earlier.
Any discounted cashcard like Coles MasterCard usable? Pay earlier to lock the discount and avoid card being hacked.
The financial benefit by offsetting is the same for both options because of the due dates, at least for my council.
It comes down to personal preference. I prefer smaller payments more frequently.
Often questioned this myself…. same with Rego…
Also do people pay their bills when they get them - or when they are due… is there any advantage in either?
I pay my bills when due as I earn interest by keeping the money till the due date.
If your bill is $100, and interest on savings pretty much non existent still the same?
i am still undecided with rego as it will be part of the insurance's payout if my car is written-off.
You get a pro-rata refund on rego if your car is written off. At least that's how it works in WA
yes i understand that part.
Rego I do 3 months.
Why would you do 3 months if it's going to cost you more overall than just paying 12 months up front?
By due date.
Always 4 installments.
They will send you quarterly reminders anyway so may as well take advantage of that.
If you bpay with zip pay and pay zip off with credit card, you'll also get credit card points on top of it.