Cheapest place to borrow money?

**Lias** · 1st April 2009, 22:04

Major banks, followed by Credit Unions etc are generally the cheapest for loans, but have the tightest credit criteria.

Given you have 12k in a savings account, I'd go see a loan person at the bank where you have the account and talk to them. Assuming your employed and saved the 12k the hard way, you should have a good enough track record with them to get a loan no problems.

**jimichelle** · 1st April 2009, 22:04

dont flick it on your mortage its only 8k some banks have low intrest rates on their credit cards sometimes better than a bank loan after you have added their application fee as someone has suggested ring around at least buying new you dont have to worry someones going to buy it before you while you do your homework oh and enjoy the bike

**Grumpy Gnomb** · 2nd April 2009, 11:41

Agree not to put on morgage as thats means you are paying interest on the bike over the life of the morgage instead of 2 to 3 years

**Headbanger** · 2nd April 2009, 12:02

I generally find parents offer the cheapest loans.

Granted it can take a lot of work getting the loan approved, But the payments are a breeze....

**Burtha** · 2nd April 2009, 12:22

Originally Posted by Rocketgal68

Flick it on the mortgage if you have one... lower interest rates...

YA ONLY LIVE ONCE... ENJOY.. HOT WATER.. AND NEW BIKE!!!!!

What she said ^^^

EXCEPT: when you are taking out a loan against a mortgage, it isnt for the full duration of your current mortgage, the duration is separate as it is a separate loan. Quite a handy setup really.

Thats pretty much what we do, but the current debate at the moment is whether the increase in interest rates are a bit of a blip or a genuine rise.
Am hoping its only a blip as am wanting to do the same myself next month for pretty much the same reason.

Keep warm & have fun!

**Tink** · 2nd April 2009, 12:43

Originally Posted by Burtha

Thats pretty much what we do, but the current debate at the moment is whether the increase in interest rates are a bit of a blip or a genuine rise.
Am hoping its only a blip as am wanting to do the same myself next month for pretty much the same reason.

I heard this morning banks had put their long term interest rates up, I also heard the the reserve bank thinks this is presumptuous, does the banks know something the reserve bank do not know... !!!

**Tink** · 2nd April 2009, 12:46

Oh and to point out.... Banks are negotiable on fees and interest rates... they want YOUR business... YOUR the one paying them... I think we let them rule us far to much... back to under the mattress banking I say....

**Burtha** · 2nd April 2009, 12:55

Originally Posted by Rocketgal68

I heard this morning banks had put their long term interest rates up, I also heard the the reserve bank thinks this is presumptuous, does the banks know something the reserve bank do not know... !!!

No, not necessarily. Banks will always be ready to raise their interest rates at times like this to help boost money flow through their doors. For buyers, its a good thing that the reserve bank hasn't, and the reserve bank is usually the one to watch whether or not banks think they are in the know or not.

**bucket boy** · 2nd April 2009, 13:46

Originally Posted by Headbanger

I generally find parents offer the cheapest loans.

Granted it can take a lot of work getting the loan approved, But the payments are a breeze....

I like this idea do they want another son

**blackdog** · 2nd April 2009, 14:04

How bout this, the best finance deal i think i have ever seen. Keep the money for the cylinder out of what you have saved, use the rest as the deposit on a new yamaha, and yamaha motor finance currently are financing new bikes at 4.99%! Bet the banks won't match that.......I feel an R1 coming on.......

**HenryDorsetCase** · 2nd April 2009, 14:10

Originally Posted by Winter

I'm keen on a new bike.. Excecpt the $17,995 + ORC tag on it!

I have about 12,000 sitting my savings account.. I wish to go and borrow $8k.. So i can buy my new bike, and a new hot water cylinder at the same time! Woo high pressure hot water!

Its better to borrow cash from somewhere like a bank, and go in to bike shop with cash right? Rather than financing the bike from the shop?

Thoughts please!

if you're buying an HWC it infers you are responsible for maintenance on a property which infers ownership potentially with a bank mortgage.

talk to your mortgagee about a "home improvement" top up loan. tell them you are not prepared to pay any application or other fees. They should be al over you like a rash. Even the best finance co. deal will almost certainly be worse than a bank deal just in the "up front" costs aspect of it. (application fee, documentation fee, security check fee, fee for this, fee for that: all capitalised)

**HenryDorsetCase** · 2nd April 2009, 14:11

Originally Posted by Rocketgal68

I heard this morning banks had put their long term interest rates up, I also heard the the reserve bank thinks this is presumptuous, does the banks know something the reserve bank do not know... !!!

banks are the biggest pack of arseholes in the world. only organisation to make money when the economy is good or when it is in the shitter.

**HenryDorsetCase** · 2nd April 2009, 14:14

Originally Posted by Grumpy Gnomb

Agree not to put on morgage as thats means you are paying interest on the bike over the life of the morgage instead of 2 to 3 years

not if its a separate loan with a separate term.

dont confuse the security for the loan (the mortgage registered on your title) with the loan itself: its a common mistake but still a mistake. So you can have as many different loans as you can convince your bank manager to lend you, but you only have one "mortgage" which is on your title.

**Headbanger** · 2nd April 2009, 14:18

Originally Posted by bucket boy

I like this idea do they want another son

I get the impression they aren't real impressed with the three they already have.

Maybe they are right, Maybe 34 is too old to be hitting them up for beer money....

**Tink** · 2nd April 2009, 14:19

Originally Posted by HenryDorsetCase

not if its a separate loan with a separate term.

dont confuse the security for the loan (the mortgage registered on your title) with the loan itself: its a common mistake but still a mistake. So you can have as many different loans as you can convince your bank manager to lend you, but you only have one "mortgage" which is on your title.

I used to work in a bank and myself held a mtge for 20 years..

thanks for clarifying what I was thinking but not putting in type.