How can I Borrow $50,000 with Minimum Fees?

pr0o on 25/05/2024 - 21:34
Last edited 26/05/2024 - 09:43 by 1 other user

Hey guys, I have $50,000 in my savings account giving me 5%.

I need $50,000 cash to spend 35k of it for my new car in August and $15k for some expenses overseas. I don't want to use my own savings for this, rather get a loan or credit card and use bank's money.

I want to pay minimum interest, using some bargain techniques such as balance transfers for 28 months.

Do you guys have any idea how I can best do it so I pay less interest than what I am getting (5% on 50k)? I need $50k extra in my bank account (cash) in August.

Thanks!

Financial Loan

Comments

  • Sye on 25/05/2024 - 21:43
    +4

    This is OzBargain. Minimum loan amount is $2,000,000.00

  • Cluster on 25/05/2024 - 21:46

    https://www1.citibank.com.au/credit-cards/citi-clear-balance…

    28 months 0% balance transfer, with 2% fee

    Put 'australia credit card balance transfer 0% interest' into Google and away you go.

    • pr0o on 25/05/2024 - 21:47

      I think I can get 50k limit with citibank CC on this card, but how will I get 50k cash in my bank account? Happy to pay 2% BT fee

      • OzBozo on 25/05/2024 - 21:52
        +1

        Buy the car with the credit card?

        • OzBozo on 25/05/2024 - 21:52

          Cop like the 1% efpos fee

        • pr0o on 25/05/2024 - 21:52
          -5

          That's the catch, I need cash :D cus I wanna take 15k overseas and 35k for private buyer etc.

          • OzBozo on 25/05/2024 - 21:55

            @pr0o: Ive always be scared of buying expensive cars with cash private. What if guve the seller 35k then he just says you never gave him nothing haha.

            • Cluster on 25/05/2024 - 21:59
              +1

              @OzBozo: You pay via bank transfer. The receiving party can't claim they never received anything. You have signed registration transfer papers too.

              • singlemalt72 on 28/05/2024 - 10:30

                @Cluster: Some people only want cash with cars, strange.

                In this case go with them to their bank, do the paperwork, hand over the cash and watch them deposit it.

            • MS Paint on 25/05/2024 - 22:08

              @OzBozo: You're being scared for no reason. There are measures in place so that doesn't shouldn't happen.

              • OzBozo on 25/05/2024 - 22:21
                +2

                @MS Paint: I reckon i i hadned over 35k it would go down like damo and darren "can i have the car now please….What car? Do i know you? "

      • Cluster on 25/05/2024 - 21:55
        +2

        They go up to $100k, so it's possible depending on your circumstances.

        Read the T&C and they may allow a balance transfer to a bank account.

        This product does allow you to pull money out of it. I locked in a 4.9% rate years ago:
        https://www1.citibank.com.au/personal-loans/ready-credit

        It's at 8.9% now however.

        I don't think anyone will lend you cash at 5%. Why would they? They can get 5.5% in a 100% safe online bank account with no risk you won't pay back the money.

        I think what you're asking is probably impossible.

        • pr0o on 25/05/2024 - 21:59

          true, thought there might be a loophold via Balance transfers or smth lol

  • OzBozo on 25/05/2024 - 21:46

    High limit credit cards and keep balance transfering them? Didnt people use to gets yewrs of intrest free on citibanks balnce transfers going in and out? Haha

  • JIMB0 on 25/05/2024 - 23:19
    +3

    If you find a way to do this on a grand scale you'd have a money printing machine.

  • payless69 on 26/05/2024 - 02:36
    -1

    Ask the boss

    https://www.youtube.com/watch?v=zMEmWYhcP84

  • Nutrino on 26/05/2024 - 02:38

    When you figure it out. Be sure to post a deal to ozbargain mate.

    • Gunnar on 26/05/2024 - 07:50
      +1

      I’m waiting for the impending ‘help’ thread because of some poor life choices

      • Jimothy Wongingtons on 26/05/2024 - 08:10
        +1

        ‘They asked me which kneecap or hand I would prefer to have broken’

        • Gunnar on 26/05/2024 - 08:26

          You gotta help me out, they’re gonna take my thumbs

  • onetwothreefour on 26/05/2024 - 07:23
    +9

    If you only have $50k don't buy a car for $35k.

    • Mugsy on 26/05/2024 - 08:17

      I was gonna say something similar. I've only ever owned $20k cars. Put the rest in property.

      In fact, i owned property before owning a car.

      $50k is unit deposit territory.

  • Jimothy Wongingtons on 26/05/2024 - 08:12
    +4

    Wentworth Park, Wednesday, race 5 number 5

  • TilacVIP on 26/05/2024 - 08:24

    Haha, keep dreaming mutley.

  • backpaqer on 26/05/2024 - 10:20
    +3

    Bank of mum and Dad

  • LFO on 26/05/2024 - 10:30

    some bargain techniques such as balance transfers for 28 months.

    An option … but remember you'll have to make monthly payments, each month and every month … and then pay in full the rest.

    Also depending in your situation you might have to pay income tax with the 5% you are receiving.

    Maybe "cash in hand" to pay for everything will give you better deals. And no income tax.
    Maybe.

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