Buy a house with a credit card?

[ProggerPete]

I'm going to buy a house in the near future and will be paying for around 60% of it with a loan for the remainder. Seems like a golden opportunity for flyer miles, but does anyone know if it's possible to do this? (or has actually done it.)

Cheers,
Peter

 

[lovestotravel]

I have only managed to do deposits on a credit card.

Apart from that it's a cheque or cash or bank transfer

 

[Boris spatsky]

Only ever done bank cheque.

 

[ProggerPete]

I wonder if they'll accept a 60% deposit.... :mrgreen:

 

[The Rok]

It's probably something you will need to negotiate with the seller and the agent combined but potentially it could be a good deal!

 

[lovestotravel]

Hopefully you have a very high credit limit as I am not sure they will want to stuff around doing possibly 30x transactions

PLUS
The merchant fee

Cash/Cheques/bank transfers are king with property

 

[Ansett]

About 7 years ago built a house with Dennis Family Homes and paid the deposits and ALL the stages on my credit card had to agree to a 1% fee but given that I spent nearly $650K with them I received by way of points 650,000 which as any good FF will agree is a bragain at a cost of only $6500.00. With other points I had acrued by flying ended up with 2 x first class return tickets to Europe that were most enjoyed

So yes it is possible and has been done BUT advise first and also your bank if a loan is involved so that draw down payments can be paid against your card,

Good Luck and happy Purchasing.

PS also buy all my cars this way too. recently purchased Mrs Ansett a new car and enjoyed some very cheap points from that too

 

[nickfromeastryde]

No house but we did manage to pay off a 50K car purchase on credit with no fees. The salesman advised a 3% fee on any payment over 2K. I think he was actually trying to say no fee on the deposit but would apply on the balance. There was a 2 week wait on the car so used to front up every morning on my way to work and pay off 2K, my wife did the same in the afternoon and it was paid in full when time to pick up