CC cash out is better.

why?

pay more interest is better?

Refinance cash out is pay more interest compare CC cash out.

*Edit- typo

CC cash out is at fixed rate, housing loan is at effective rate. At this rate, interest for refinancing is cheaper.

But judging by the legal incurred for refinancing, it will not be worth it either.

Better look for 0% cash advance or 0% BT



This post has been edited by victorian: Aug 14 2024, 11:28 AM

Hi, give me 5. you got my point.

3.29% fixed rate pays more interest than 3.85% effective rate bro

Both of you know what you guys are talking or not lol. You guys are confusing eveyone

ok you've edited...so now we know CC Fixed interest rate i3.29% s higher then refinancing 3.85%.

so TS why CC Cash out still better?

This post has been edited by Rinth: Aug 14 2024, 11:31 AM

So far i'm not confused everyone here. Maybe wait someone to calculate then you will understand why I mention refinance cash out interest rate is higher than CC cash out.

Hmm ... so fixed rate CC cash out example make it clear

Fixed Rate : 2.99% p.a.
Loan : RM50,000
Tenure : 5 years
Total : RM57,475
Monthly payment : RM957.92

But if using refinance i think will have cheaper interest portion overall ?
If the interest charge per month



Add-on: However, like others mentioned, these amount exclude legal fee, processing fee, valuation fee, admin charges.

So still CC win ?

This post has been edited by TongCN: Aug 14 2024, 01:28 PM

True, but those are short term

Somehow might wanna have a long term plan now for cash
Park additional cash split into investment example REIT and pray can out perform the interest charges ?

Fixed rate 3.29% you will pay RM8225 interest over 5 years.
Effective rate 3.85% you will pay RM5047 interest over 5 years.

so which one is cheaper?


you will never beat the the return if you cash out from credit card.

safest bet is housing loan, it is one of the cheapest loans out there

For gov servants, is there any loan rate better than lppsa 4% reducing balance? My dad wanna refinance due want to get cash to assist his relative rebuild new house at hometown.

Except right now i cant go for top-up / refinance method as CC overspent

But the RM5,047 (Effective rate) method not yet include those fees, right ?

if take 0 moving cost 4.25%, means no legal fee etc etc, interest still at RM 5589 only vs fixed rate RM 8225

This post has been edited by Rinth: Aug 14 2024, 04:18 PM

What's this ?

some bank bear your moving cost up to RM 15k, but higher interest rate. normally at 4.2-4.25%

Zero moving cost mean bank help you pay for the legal fees and valuation fees. Besides this fees, there also got some extra fees that you need to bear for example loan account maintainace fees like RM 10 per month for flexi loan, fire insurance, ATM card fees.

Oh, like the the Standard Chartered Mortgage One but only for certain location
Dunno can have some exclusion for outside those zone

https://www.sc.com/my/loans/mortgageone/
https://av.sc.com/my/content/docs/my-scbmb-...ges-booklet.pdf

Besides than the fees charge, you also may standby time for valuer to visit your home for inspection and also visit to lawyer firm to sign the loan agreement.

Compare the CC cash out, just perform verification then maybe on next day you can receive the fund and you can straight away use the fund.

That is why I mention CC cash out is the best option for your scenario.

True. Probably wait for low interest rate offer

Hopefully has 1.99% (dreaming but might happen) or ranging 2.59% ~ 2.89%