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
setup bpay and transfer to yourself
Interesting. Can you please detail how you can do this.
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.
Which way around are you doing this?
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!)
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.
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.
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.
Bpay to another credit card, then request a refund of the overpaid amount.
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.
I'm a little late to the party, but since everyone else seems to be saying it can't be done, I thought I'd throw my 2c in:
I did exactly this to convert a personal loan into a 0% BT a few months back. You will need to open a credit card with a bank that doesn't charge cash advance fees to transfer positive balances out of a credit account (I used Bankwest). Apply for the balance transfer with another bank (I used NAB). They were quite happy to pay the balance transfer payout into the Bankwest bpay account even though they knew from the application process that the credit card balance was $0. From there I just transferred it from the credit card into a transaction account, and then to the personal loan.
Maybe it would raise some flags if the credit card limit was lower than the balance transfer amount so you might need a bit of extra borrowing capacity to pull this off but it is definitely possible.
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