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2020 Tax Loans

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  1. #51

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    I applied via Moneyhero for the Citi loan, asking for $1.1m over 60 months. Email received today after sending through all documents offering $1.09m for 36 months at 3.03%.

    To be fair if you read the fine print the 2.01% rate is based on 12 month loan but I'm surprised that they only offered me a shorter period.


  2. #52

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    Citic now offering $1m for 5 years at 4.01%.

    Has anyone managed to haggle down the interest rate after the initial offer? What other tax season loan offers are people getting?


  3. #53

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    Dec 2009
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    Hi Everyone.

    This is my first time getting a tax loan so pardon the stupid question - do people generally try to get the max amount or just what they can afford to pay back monthly? If its the second option, then the amount I can borrow would be such a small amount.

    I'm trying to get a tax loan to pay for my mortgage overseas and dump the money into the offset mortgage account. Any advise would be appreciated!

    Last edited by Wendalynn; 31-12-2019 at 11:50 AM.

  4. #54
    dfc
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    Quote Originally Posted by Wendalynn:
    This is my first time getting a tax loan so pardon the stupid question - do people generally try to get the max amount or just what they can afford to pay back monthly?!
    A balance of what you can pay back from salary vs trickling the loan amount back from the offset. And the % difference on the loan vs the mortgage.

  5. #55
    bdw
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    Quote Originally Posted by Wendalynn:
    Hi Everyone.

    This is my first time getting a tax loan so pardon the stupid question - do people generally try to get the max amount or just what they can afford to pay back monthly? If its the second option, then the amount I can borrow would be such a small amount.

    I'm trying to get a tax loan to pay for my mortgage overseas and dump the money into the offset mortgage account. Any advise would be appreciated!
    I would borrow the max you can. But don't send it all overseas. Only do a one way transfer overseas and leave it there for good. You should be able to pay back the tax loan without having to do another transfer from overseas back to HK again in the future. This two way hit of fx fees and fx rate fluctuations would be too risky and not worth the hassle. That's my opinion. But still borrow the max you can and then the part you leave in HK can maybe put in a time deposit or if you want to try your luck in the stock market or something.
    Paxbritannia likes this.

  6. #56

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    Great thanks for the advice everyone!~


  7. #57

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    latest tax loan i was pitched

    https://www.hk.bankcomm.com/hk/shtml...nnelId=2005637

    this one probably works for most.. 1.84% as long as you are a professional and the sum to hit 1.84% is not high.

    Last edited by shri; 10-01-2020 at 02:16 PM. Reason: Switched to English link...
    shri, bdw and pin like this.

  8. #58
    bdw
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    Quote Originally Posted by freeier:
    latest tax loan i was pitched

    https://www.hk.bankcomm.com/hk/shtml...nnelId=2004980

    this one probably works for most.. 1.84% as long as you are a professional and the sum to hit 1.84% is not high.
    Borrow HK$500k for 12 months at 1.85% APR. This does indeed look like a very attractive offer and one that you should all be scrambling to sign up for.
    coffee_break likes this.

  9. #59

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    Feb 2019
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    When I actually clicked through all the forms for an HSBC tax loan quote, the rate they offered was much less appealing than their various marketing had suggested... how likely are these rates to actually be tradable?


  10. #60

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    HS never had a good offer for tax loan.. the other few banks do.. DBS/Citi/BEA and now BOCOM.
    if you can pass their income payment criteria then its definitely doable.

    anyway the maturity of a tax loan is actually half the stated tenor, so the best risk free trade would be to do a 6mth loan at 1.84%, then place out 3~6mths fixed deposits of 2.4~2.7% at any of the banks.. once you extend to one year your fixed deposit interest falls to lower 2..


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