Like Tree93Likes

2016 Tax Loans

Closed Thread
Page 10 of 10 FirstFirst ... 2 7 8 9 10
  1. #91

    Join Date
    Feb 2009
    Posts
    8,280
    Original Post Deleted
    Well skimming through the 11 pages of Citibank T&C in my drawdown letter now, there are a couple of unusual things in there but nothing that says clearly they can change the % whenever they want. There is clearly a repayment schedule showing amount due, what date it is due, etc, over 48 equal installments.

    There is something they printed in bold and underlined on one of the pages that says "Citibank shall have the right at its discretion to apportion any installment payment between interest and principal in such a manner as it shall desire". I dont know wtf this means.

  2. #92

    I'm thinking of applying for a tax loan and want to know how the lenders decide on how much to lend.

    Is it purely based on your salary, or do they take your monthly outgoings into consideration?

    Do they look at your bank statements or just your payslip?

    Many thanks in advance!


  3. #93
    Quote Originally Posted by honkkongjohn:
    I'm thinking of applying for a tax loan and want to know how the lenders decide on how much to lend.

    Is it purely based on your salary, or do they take your monthly outgoings into consideration?

    Do they look at your bank statements or just your payslip?

    Many thanks in advance!
    You can just apply via payslip. But they will look at your credit report, which may reveal your monthly spending, such as only making minimum payments on your credit card or whether you max out your credit limits or whether you have additional loans such as car loans.

    You can get your personal credit score by signing up for an account at transunion. It will cost you $280 though.

  4. #94

    Tks Civil Servant.... the reason I ask is that I have a mortgage that I'm paying off as well as rent, so I guess they won't see the rent or other outgoings... only debt, right?


  5. #95

    HSBC started offering tax loan and the interest rate is quite small. 0.08% >1M.
    101,680 for 100,000 loan for 12 months.
    If I invest 100k in stocks and mutual funds, I would have earned that interest in no time.

    Anything lower than this?

    Last edited by kamoteboy911; 20-10-2017 at 03:16 PM.

  6. #96

    Citibank is offering 0.99% for Citigold clients borrowing > 1 million. Does anyone know, if I don't have the 1.5 million can I just sign up for a Citigold account and pay the $300 service fee every month? In the first year of the loan one would be looking at ~1.35% in interest if the bank account fees were included.


  7. #97
    Quote Originally Posted by honkkongjohn:
    Tks Civil Servant.... the reason I ask is that I have a mortgage that I'm paying off as well as rent, so I guess they won't see the rent or other outgoings... only debt, right?
    Just wondering. Any luck with your tax loan?

  8. #98

    Hi civil servant,

    I didn't actually apply.... just wanted to know in the event that I would go down that route...


  9. #99

    Join Date
    Jun 2018
    Location
    Vaduz
    Posts
    1

    Maybe you should consider consulting some website that could help you decide and calculate rates and taxes when you try to get a loan. A friend of mine that sort of help and it turned out pretty accurate.


  10. #100

    Join Date
    Feb 2009
    Posts
    8,280

    haha is true I admit not all my strategies over the years have paid off. Around 2017 the AUD did go up and down a bit and when it went down to 0.75 US I thought was a pretty good time to buy, when it went lower to 0.72 I converted some unit trusts from HKD to AUD. With the benefit of hindsight now down to 0.67 I might have waited longer, but anyway who can tell. Still the money I sent to Aus 2 years ago has been saving 4% in interest there so claws back some of the losses.

    Anyway, I've always tried to diversify my investing, when I borrrowed all these tax loans etc I sent some to AUD, but then others to Malaysia, others stay in HK to buy unit trusts, some other shares, etc. Last week I just refinanced and I have an extra HK$4m now to play around with, but I'm only sending some to Australia. Im actually buying some HKD stocks now and other things that will keep a HKD income for me in the future even if I move back and start earning AUD. Also plan to rent my property here which should cover most of my HKD expenses including tax loans etc which need to be paid back.


Closed Thread
Page 10 of 10 FirstFirst ... 2 7 8 9 10