ohippy

We need to invest the $100,000 in the Oz government in order to make up our points. However, this is tied up in our house.

Does anyone know how long you have to pay the money once it's been requested ?

Basically do we need to have our house sold before it's requested or can we wait until it's requested and then sell up even if it takes us 3 or 4 months ?

Thanks in anticipation - Heather

ADELAIDE BOUND

Bump

sandradee

Hi Heather

We paid our bond last week, after it was requested in Jan. Our letter said we had 49 days to pay it, but we waited till the last minute as the rate was getting better. The letter also said if we couldnt make the payment in time we should tell our migration agent and he would inform the authority the money was to be paid to.

Phoenixuk2oz

Hi H

We paid bond last week. Waited for best exchange rate poss.


You have 49 days to pay it

Hope this helps

Phoenixuk2oz

ohippy

Thanks for that. 49 days isn't really long enough for us to sell up so we would have to sell up early and hope we got the visa !! Not too sure I like the idea of that - may have to rethink.

Thanks again - Heather

Gravyman

Hi Phoenixuk2oz
If our application is successful we will have to put up a bond.
How long after med & police checks did you get the request.

We also have the money tied up in the house so we'll need plenty of notice.

Gravyman

jensteve

We're coming up to the bond money request, well nearly, just been asked for meds. With that in mind and knowing about the 49 day limit we decided to put the house on the market.
Its a bit of a catch 22 situation, especially if you can't manage a bridging loan or similar. They say not to sell your property, but to be realistic it's the only way most people can get that amount of money together. We're keeping our fingers crossed and hope nothing goes wrong, we've resigned ourselves to being homeless for a few weeks because after the bonds depositied there can be upto 4 weeks wait. We really want OZ and the only way that will happen is if we have a leap of faith and hope that DIMIA comethrough for us, we love our house and would have never moved again round here, if it falls flat on its face I don't know what we will do, hope to leap out of a house sale at the last second.
I don't know what to suggest you do for the best, it all depends on how much you want it, I'm sure DIMIA know exactly what we have to do and if that doesn't prove to them we're commited I don't know what will.
Jenny

Phoenixuk2oz

Hi Gravyman

Police checks/medicals completed January 2004. Bond requested & pd March 04.

Decided not to put house on mkt till now as did not want to go into rented accomodation [enough unrest as is!].

Borrowed money out of equity of house for bond. Organised well in advance so had money ready/available [just pay loan repayment for extra mony owing = peanuts & stress free option].

Stress free way of ensuring money ready & no renting until visa arrives i.e just have to sell house now and no renting before we leave

Hope this helps both yourself & ohippy in your quest

Good luck

Phoenixuk2oz

ohippy

That's not a bad idea - but did you have to pay any mortgage, surveyor fees etc ? By how much approx did it bump up your mortgage repayments if it's not being too nosy ?!

Phoenixuk2oz

House revalued by exsisting mortgage company =£110 [std procedure to ensure enough equity in house].

Repayment = approx extra £150 per month

Better than extra we would have had to pay out to rent though

AND..........house prices will go up before you leave!

Hope this helps

Phoenixuk2oz

MattW

Hi,

In general terms £100,000 @ 5% is approx £500 per month.You may struggle to to a short term loan at this rate as they charge extra for these.I'd suggest get a normal remortgage with no tie in and don't tell them it's for a short time.It would also save you money to get interest only.I personally would not sell my home in the hope of it all going right ,same as you wouldn't leave your job.....

I buy houses before they are built and use the same method.It's the cheapest way I know of to raise this sort of money.

Hope this helps.

M

jensteve

Tried asking our mortgage company for an equity realease and they basically laughed. They said the repayments and such are based on our wages and we where basically asking them to double our mortgage which from their point of view was not an option.
Who did you use? or was it a case of you had plenty of spare wages to cover a new loan amount. I would be really interested if you could let me know, we have £100,000 equity and it would be nice if we could use it.

Jenny

Phoenixuk2oz

I think you may have misunderstood my friend. The bond = $100,000 AUD...............NOT £100,000 POUNDS...hence approx £42,000 [equivelent of $100,000 AUD].

So..........dont panic Mr Mannering!!!:scared:

To all bond payers.......this is not quite the picture:scared:

Phoenixuk2oz

ohippy

This definitely sounds possible and a much better deal. If I took the extra as interest only I take it I'd need to have a short term life cover plan to cover the amount ?

MattW

Do you have a tie in at the mo.If not have a chat with a mortgage adviser at see what other lenders could help.I borrow less than I have in equity by 50% so that question has never come up.You may have to shop around.Worst case scenario is be honest with another lender and explain it is a short term loan.This will cost you more but it's better than selling your house in hope.I can't advise any more than that as I'm not really qualified.I can only tell you what I've done to get similair amounts in the past.

Matt