I have been receiving the letters from the bank advertising their "Personal Tax Loans".
I have been preapproved with an amount that is over twice the amount of my actual tax payable.
On the face of it, it seems quite simple, but when you dig a little further, it gets confusing - to be expected I suppose.
There are handling charges, annual charges, monthly interest, penalites for not drawing down the total approved amount and early repayment penalties. Plus incentives of applying early. But it still seems good value with an AFR of under 3%.
The minimum monthly payment is not a problem, but I am wondering what others experience with these loans are. Have I missed anything? Can I borrow the full amount I have been approved for, even though I will only use half of it for tax payment purposes?