Credit Card Balance Transfer - How Do I Credit My Home Loan?

Lsriramcse31 on 14/08/2024 - 13:13
Last edited 14/08/2024 - 15:08 by 1 other user

Hello everyone, I recently applied for a 0% Balance Transfer credit card to pay off part of my home loan.

During the application process, the provider indicated that I could transfer the balance to a BSB and account number. However, after the approval, they informed me that the transfer can only be done via a BPAY reference.

Unfortunately, my home loan bank account can only provide a BSB and account number.

Could someone suggest an option to complete the balance transfer?

Thanks, Sri

• 

  CyberMurning on 14/08/2024 - 13:56

  +3

  setup bpay and transfer to yourself then transfer to your homeloan
  or
  bpay to your electric provider then say to provider sorry mistake please return to my bank

  • 

    silverstone2023 on 14/08/2024 - 14:15

    setup bpay and transfer to yourself

    Interesting. Can you please detail how you can do this.

• 

  kanad on 14/08/2024 - 14:04

  SNIIP maybe?
  https://sniip.com/faq/

  • 

    sriramcse31 on 14/08/2024 - 14:58

    With sniip, it seems, we can pay the bills with credit card, but I dont see an option to create a bpay to which i can transfer credit from my card.

    Please correct if my understanding is wrong.

• 

  atwilliams on 14/08/2024 - 14:52

  Which way around are you doing this?

  1: In the title you say "from Credit Card to Homeloan" .. implying you are consolidating credit card debt into your home loan.

  2: In the body you say "Credit card to pay off part of my home loan" … implying you are reducing your home loan by using the 0% credit card.

  Also, are these two products with the same provider? If they are, and you doing option #2, they are unlikely to be happy about that, as you are moving debt from a secure loan to an unsecured loan.

  Personally I don't think this is going to work.

  (No idea why the text went all "bold" on me - Not trying to shout the question!)

  • 

    sriramcse31 on 14/08/2024 - 14:56

    -1

    Corrected that. I am on option 2, and have the products from 2 different lenders.

    Please let me know if you can think of any options to transfer.

    • 

      atwilliams on 14/08/2024 - 15:03

      +3

      OK. Credit card balance transfers are designed to move debt from other credit cards. I can't see a way you can move Home Loan debt to a credit card, but best of luck.

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  Iwantthebestprice on 14/08/2024 - 15:56

  +1

  Last time I looked into this there was no way to do this. All balance transfers I’ve done have only allowed bpay as an option for this exact reason.

  Clever you thought you could take 100K of your home loan and pay no interest for 24 months, I did too, but you ain’t the first person to think/try this and the banks know this.

• 

  JIMB0 on 14/08/2024 - 15:59

  -2

  Bpay to another credit card, then request a refund of the overpaid amount.

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  Tightmike on 15/08/2024 - 01:45

  It’s to transfer balance from a credit card account to for 0 interest, not a home loan or personal loan.
  You didn’t find the unlimited money hack.