Switching Electricity/Gas Providers

LYaweeh on 24/10/2024 - 09:25
Last edited 06/11/2024 - 12:59 by 2 other users

Hi guys, have some questions.

I've switched my electric and gas to Powershop last month. Now I got my first bill of $120, and after $150 sign up credit + $75 VIC relief payment, the balance is $75 in credit.

Does that mean the $150 applied for first bill only? Would the balance ($150 - $120 = $30) be carried out for the next bill or not?

If I switch/chunk to another electricity provider now, what happens to my credit balance and VIC relief payment? would I receive a refund?

Besides, I also want to apply for a home loan next year. Would this churning affect my credit?

Thank you

• 

  bdl on 24/10/2024 - 10:27

  +1

  You'd lose your credit balance when switching. Best to use up the $105 credit and switch afterwards.

  Since the $75 relief payment has been credited to your bill now, you can't refund it and receive this payment at your new provider so best to use it up first. You will receive any future relief payments at your new provider after switching, however.

• 

  FezMonkey on 24/10/2024 - 10:52

  I also switched to Powershop and their statement does read like the credit needs to be used up in the first bill only, however when I got my second bill the rest of it was applied.

  Also in regards to being in credit if you depart they have to pay you out the credit balance.

  • 

    surfingedge on 24/10/2024 - 12:07

    They may have to pay out the government $75 but they don't have to pay out their own sign up credit.

    • 

      FezMonkey on 24/10/2024 - 13:32

      +1

      No but that doesn't show as you being in credit by that amount. It's only applied as you incur the charges.

• 

  soan papdi on 24/10/2024 - 11:28

  +1

  Besides, I also want to apply for a home loan next year. Would this churning affect my credit?

  Churning does not affect your home loan application but lack of payment of bills will. Just stay on top of payments.

• 

  Yaweeh on 24/10/2024 - 18:30

  Thanks guys. I’ll stay for another month.
  Cheers

• 

  everlast24 on 02/11/2024 - 19:10

  Hi guys, If I churn electricity and gas 3-4 times a year and add 5-6 credit card churns, will this noticeably impact my credit score or future home loan applications? My current score is excellent, so it seems worth it if I can earn up to $4,000 a year by churning. Thanks