I need to pay the seller (via the agent) 50k next week when the contract goes unconditional. I was planning on just transferring the money using my online internet banking account. Is there any reason why I should consider using a bank cheque instead? (maybe safer in some way?), or does it not matter?
Paying 10% deposit - bank transfer OK?
- Thread starter jerrybee
- Start date
Bank transfer is fine so long as you do it within the deadline for providing deposit + your transactional account allows for the transfer size.
Just make sure your account is totally secure
lol yeah I should really reduce it again once I finish with this deal.
Ouch! My transfer didn't cost me anything. It wasn't swift though.
You may still want to ring well beforehand and ask the bank as there is also a transfer limit for transactions and not just a daily max limit. So you don't end up doing $10K x 5 etc.
You can adjust the transaction limit for an hour to allow you to make the transfer, and I usually make the transfer whilst on the phone to the bank. My last one was for an amount close to yours, and the transaction limit gets adjusted back for security. Like everyone else said just make sure the numbers are correct etc.
Swift transfers aren;t common for retail banking
Corporate banking uses them frequently.
it is max 4 hour transfer to another bank account!
Can you explain more on this? I'm taking the money out of an offset account. Is this going to be a problem?
If the offset account is on an IP or a PPOR loan there won't be a problem.
But if it is on a PPOR removing money will result in the interest you are being charged increasing and since the loan relates to a non deductible loan the interest will not be deductible.
If it is an invesment and both the owners of this one and the new investment are the same then it won't make much different immediately. But it could down the track depending on a few things.
