rsbhj

I am looking to make the move to Oz (Melbourne) within 12 months, but really starting to doubt our family finances. We are a family of 4 (mid 30s, 2 kids 3 and 1). One of us will work full time the other part time.

Our jointly income from salaries and money from uk will be $85K plus super to start with for the first year or two.

I've calculated childcare and included the childcare rebate and benefit online and taken this into account, takes us up to $94k

Research has brought me to monthly costs of about $6700and my monthly income including the childcare allowance to $6900. So I am very much on the line, there is a couple of things that can go our way to help and for the monthly costs to come down $200-300 but we wont know that until we are there.

It looks like it will be very tight and very much on the line, but I am being realistic or about to make a huge mistake. I noticed when doing the childcare allowances that a possible family assistance may be payable of about $800, I have never received anything like this in the UK but we both work full time. I do not want to count on this family assistance but will be good if this is true for the kids.

$94k (salaries, uk money, childcare allowances) is this going to be ok, on paper it looks ok and spending is in line with what we spend here, but do I need a reality check?

Bermudashorts

If only one of you is working full time, would there be any need to put children in childcare? The childcare rebate will only cover some of your childcare costs, so I am not sure I understand why you are adding another $9k onto your income as overall childcare, even childcare less rebate, is still an expense.

As to whether this is tight, well it is a matter of opinion. Personally I think it is very tight but someone else might think it is fine. The best gauge is probably a comparison to what you live on now and importantly where you live in the UK. if you could share that information, I think people would be able to comment better as to how it would fare with your current situation.

Beoz

You still pay for childcare, then get a proportional rebate.

They don't pay you to send your child into care.

rsbhj

My figures of $6700 includes child care costs a month, my child care cost for a year will be $12700 rebate and benefit works out at $9000 a year.

I do all my outgoings total and then add the extras to my final income figures

rasen78

The rebate isn't an addition though. It is 50% of your child care costs. So, if you pay $500 per wk, you will receive $250 back (or just pay $250, some childcare places will claim the rebate on your behalf so only invoice you for 50% of the cost). And it is limited to $7,500 pa per child. And don't rely on child care benefit. This is means tested and is dependent on income.

Also, be aware that your children will have to be up to date and following the Australian immunisation programme in order to be eligible for either of them.

I can't comment on Melbourne as we don't live there, but your joint income of $85k is certainly doable in Adelaide.

I'm not aware of how much pre-school childcare costs as both of mine are school age and so we use the OSHC and Vacation Care run by school, but my experience is that childcare is generally cheaper here than in the UK, and certainly the rebate is far more generous.

rsbhj

[QUOTE=rasen78;11851200]The rebate isn't an addition though. It is 50% of your child care costs. So, if you pay $500 per wk, you will receive $250 back (or just pay $250, some childcare places will claim the rebate on your behalf so only invoice you for 50% of the cost). And it is limited to $7,500 pa per child. And don't rely on child care benefit. This is means tested and is dependent on income.

Hi, Yeah understand the way it works, it did the online estim cal against our joint income of $78k, and put in our childcare outgoings, and the figures came back.

Understand this is not additional, but the way I have calculated this by outgoings of $6700 is including full childcare costs, if I do my outgoings with the rebate and benefit then my total outgoings are $5900.

With an monthy income of $6200 oz salries and uk income, not inc family assistance which states $800

Beoz

I'm confused.

Bermudashorts

Well are you sure you understand how it works, because you said salaries would be $85k and then $95k with rebate. So you are adding it on? Anyway I just do not understand what you mean, but I feel you might be getting mixed up somewhere and over complicating your sums.

If your salaries are $85k or whatever, childcare rebate cannot possibly increase this. You only get a rebate on costs paid, it doesn't increase your income. Maybe just focus on salaries for now.

Going back to "is this enough", as per my first post, you need to compare to what you have now and we can help you do that if you could share current income and where you live.

So for example if you currently live in London or the South East and earn about £35k then you can probably manage on $80k in Melbourne. But there is no point other people telling you what you can and can't live on because we are all different.

rsbhj

I am over complicating my sums, let me try and explain it better my outgoings will be $6700 a month that is before I calculate any child rebate/benefit etc, and paying the full rate of childcare.

After My child rebate/benefit is added up, I am entitled to $770 a month therefore my outgoings are now $5930...make sense?

My Oz salaries will be $5500 after tax
I have a Uk income of $600

denzil73

Never rely on any kind of assistance or rebate especially depending on what type of visa you are immigrating on. Many visa give no government financial help for the first few years. I'd know as I had that stipulation.

Base everything off of what your lowest salary would be unless you already have a confirmed job lined up with contract signed stating your wage. Otherwise you could move here and it all goes tits up and you'll be well out of pocket or even broke.

You need to have some kind of financial buffer zone when immigrating to hopefully cover unforeseen issues.

rsbhj

I will have PR, have already checked and I am entitled to rebate and child benefit these are to help cover the costs of child care.

I have not calculated in any other benefits, only mentioned that a possible $800 family assistance may be available but that is not included on any my figures.

These are the lowest salaries I would expect to get while researching so I can only base it on these figures for now.

Yes we plan to have £12-15k to cover the first few months if no work

Bermudashorts

It might be better if you just focus on annual salary before tax. It is very hard for anyone to understand what you have done with your calculations, tax, benefits etc and we are not getting anywhere.

Again what is UK income and where do you live in the UK? This is the most important piece of information you can give us to help people assess whether you would be struggling or not.

rsbhj

Not sure my figures don't make sense but fair enough.

Income 1 will be $65k
Income 2 will be $13k

In the uk our joint income is £55k we live in Glasgow.

Tr1boy

IMO, that's going to be quite the adjustment, brace yourself!

Bermudashorts

Well thank you for the current incone figures. The answer is easy. You will be HUGELY worse off moving to Melbourne on $78 versus Glasgow on £55k. Unless you are willing to take a substantial drop in lifestyle, I wouldn't even think about it.