Di_65

I'm needing a bit of help so any assistance would be really appreciated. My husband is currently in negotiations with his company who are sponsoring him to move to a new role in Melbourne. The family is ecstatic and we are now looking to sell our home in the UK as soon as our visa is confirmed as we plan to move to Melbourne permanently. I need to speak to someone who can give me advice on finances as I'm unsure of the implications of selling up and either bringing all our savings to Oz or leaving an amount in a bank account in the UK until we are ready to buy a new home in Australia? We plan to rent for the first year.Can anyone suggest a company I could speak to for best advice or can anyone shed any light on the best way to go about organising your finances when selling up and moving to Oz??

jezandem

We are in the same position as you, but further down the line. Our house is sold and we leave in September. The proceeds from our house and other assets; pensions/endowments etc. will be left in the UK and we will only be taking enough for initial start up costs and a touring holiday (about £15000). We will rent until we are sure we want to stay (2 years or so) and then re-assess our situation.

Best of luck. There are numerous very useful threads on here and some knowledgeable (and not so knowledgeable), helpful (and not so helpful) folk!

Di_65

Thanks for your reply. Good luck with your move in september.!! I'll keep watch on this site for any further good links to help us in the months ahead !! Good luck and hope it all goes well for you in Oz !

killerhales

You can bring your money over at any time that suits you. Moving money from one place to another is not taxable.

After a few months (six is the rule, I think) the Aus tax authorities will want you to pay tax on any earnings you have made on that money in the UK, such as interest. This will be counted as income in your annual tax return.

The current exchange rate is a killer. However, although the $ is at historically high values versus the pound, no-one knows which way it will go in the future, although if you come on here often enough you will read many theories and opinions!

If you have cash you can make around 6.5% gross over here currently in interest, which is quite a bit higher than in the UK!

As already mentioned, use the search function to find old threads which may appeal to you, and the old adage that there is no such thing as a stupid question also helps. Good luck

JAJ

You haven't told us what kind of visa you will be on. It makes a big difference to your options, also the tax situation.

Wol

Keep at least one UK credit card and bank account active - you won't be able to start a new one once you are expat. If you are one of those who, understandably, jack out and return to the UK after a few years it will be a great help, plus buying online from the UK is easier too.

eugene43

Monfort they do the whole lot for you.

Wol

(Ex Ashmore Green ) - you might want to check Montfort out: I haven't used them but there are a lot of adverse comments IIRC.