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Financing Reno with Interest Free Credit Card

Discussion in 'Property Finance' started by Andrew H, 13th Oct, 2015.

  1. Andrew H

    Andrew H Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    204
    Location:
    Cairns, QLD
    I recently took a punt in searching for an interest free credit card to do improvements on a property before tax time....i found a special on cardfinder.com.au (pretty sure thats the website). It was a westpac credit card with 12 months Interest free ON PURCHASES and no annual fee and only had to make minimum repayments. spent about 8k and min repayments were less the $200 p/month. No i didn't have to transfer debt or anything - i thought there might have been a catch - but turned out there wasn't. I did a small reno, paid for everything on the credit card, then claimed everything at tax time, used the tax money to repay the card in full. It allowed me to do a reno in advance before tax time, without using my own funds. I still have 6 months left on the card. After doing it i think i could do it again if i wanted to make improvements on a property in advance and use either increase in equity, tax money, or increased rent money to repay the card. I found it as an awesome tool given such a long time to repay the card. I'm sure there will be other specials going around like this with other credit card lenders. food for thought
     
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