Alfresco

It's seriously bad!!!

What to do, what to do!

Popsicals

This is what I have been thinking - and peeps keep saying the interest rates in Oz are so much better so we have some decisions to make. We have 6 weeks to make the decision before we leave, however what happens to the exchange rates in those 6 weeks is anyones guess so I think the sooner we decide the better

Pops xxx

Ianevs

Look on the bright side- at least we can go! Think if we couldn`t get in like many and at least we have got a few quid to change-many have`nt

Popsicals

Definately - we can't have everything, as nice as that would be!!!

Pops x

Mumoftj

We came over in September 2009 when the rate wasn't great but much better than it is today. We still haven't brought our money over as we haven't been happy with the rate. It's dia. We are renting as there is no way we are bringing the money over now. In hindsight we would have brought it over when we came but we thought we could get better but it has steadily been getting worse so who knows if it will get better. It's a nightmare really because we can't afford a house here as things stand. I think the exchange rate is making it less financially viable to come to Oz Wonder whether the British election could change things?

Ianevs

It will definitely change things but it could be worse if theres a hung parliament (apparently)

jayr

When I came over back in 2002 I got about $2.80. Of course I sold my house for a huge amount less than it soon became worth under the house price boom.

Swings, roundabouts etc.

JenniGee

On the other hand, it might be worth taking the hit on the exchange rate just so you can get the bulk of your money into an Oz account which pays better interest...at least it's making something ready for when you're in a position to buy a house & you build up a bit of history with the bank too, if you need to apply for a mortgage.

I think (though I'm not 100% sure) that Oz house prices rose on average by about 9% in the last year...there could be a bubble about to pop there & having the funds accessible means you're in a position to take advantage....

maybe.....

jd6969uk

Sorry to say but even 1.70 to the pound would be a good rate with the way things are going.

This is not some sort of temporary blip. The devaluing of the pound is happening for a number of reasons none of which are going to be going away overnight. Let`s face it, in order for sterling to make a strong rally against the AUD we would have to see a big change in fortunes whereby the UK economy is basically out performing the Australian economy. When are we likely to see that happening?

Factor in the state of the UK PLC finances and political uncertainty (likely hung parliament) and you can only see the pound dropping further from the current 1.6263 from which it`s trading this morning.

I advised the SIL who moved to OZ in Dec to cash in back on Feb 3rd when the rate rallied a little to get to 1.82. They didn't and have lost a further 30k since then

None of us has a crystal ball into the future but the probability is definitely much greater on the pound going lower and settling down there.

BAY

The other thing to consider is that if you leave your money in a bank account in the UK and the exchange rate goes up you'll be taxed on currency trading.

BAY

So the best thing would be not to sell your house but to rent it out.

freebo

Unless you think UK house prices are going to fall from here...

danjones1

uk house prices will fall 20% this year, too many greedy people holding out for unrealistic prices, they are in for a rude awakening

iamthecreaturefromuranus

I'm prepared to bet $50 shiny Australian dollars that you're wrong.

Money where your mouth is?

Alfresco

Why would they go through the pain of selling at 20% less then?

They may as well just live in it.