Maybe wait, this could get very ugly, 2.6 is not out of the question in the coming days?

Australian home loan firm RAMS saw its shares sink 36% after it said it had failed to refinance 6.17bn Australian dollars ($5bn; £2.5bn) in debt after the credit crunch spurred by the crisis in the US housing market.

This thing is spreading like a cancer, it could have a knock on effect on the OZ housing market, who know's?

Hey Pete hows it going?
Things are starting to fall right for you - selling the house then exchange going bananas in your favour. Hope it stays at this level or even higher in about six weeks time when hopefully we'll have completed and have a bank account set up in Aus. Saying that I still need a visa:curse:

All the best
Ian.

Fingers crossed.


Desperately trying to set up a trading account. Not easy having moved last week, so don't have all the id info required.

Hope your completion goes ok.

Pete

Wimped out at 2.5067 from Ozforex, little worried about US market open in 25 mins, and support to stem the rising US dollar. Based on previous transfers, it should now go up by a fair amount

taking a trip to oz in oct so been looking where to exchange money, checked out PO they offered 2.33 and lloyds weren't much better, any advice?

do u need to register with ozforex before u can exchange any money and does it have to be large amounts?

Thanks Claire

x

http://britishexpats.com/forum/showthread.php?t=472326

You register on ozforex site, then upload or send them proof of ID.. usual passport+bank statement+utility bill.

https://secure.ozforex.com.au/fx/register.asp


They send you a mail with a confirmation ID, and a login.

From there on, you can login to the site, and get live quotes.

You accept the quote, and pick the destination account in OZ. You then bank transfer your cash to ozforex, and then convert and transfer to OZ.

Min amount is AUD 2000.

I think OzForex will only convert it and deposit it into a bank acct - i.e. they don't do Foreign Exchange into currency delivered to your door/collect.

What do you mean by this? House prices up, or down?

We changed at 2.385 about a trillisecond before it started to go up. I don't think my ticker could stand it if this news was combined with the prospect of higher house prices :curse:

I'm just checking www.noosesrus.com, so might not be back to read the reply ....

House prices are expected to stabilise - if not go down a tad (some people are arguing that the price of houses will plummet as lots of people who are overstretched dump mortgages and so on)

realistically I think it would be a slowdown in prices rises, maybe a very slight drop - but nothing serious (but I could be completely wrong).

the only problem is with house prices someing down is that it will correspond with interest rates going up!! So you can get more for your money - but to mortgages will have higher repayments!
#

Well, from what i can gather, The OZ eqivalent to the BOE, so i guess the BOAUS, will need to support the dollar. So, they will need to raise interest rates, to support their currency, which will have a negative effect on the housing market, by way of pushing up mortgage costs, so real costs may wobble?

Also there has been alot of, lets say loose credit around, easy money, anyone can get a mortgage type money, lie to buy etc. This is/has now dried up very quickly. Its gonna be a hell of alot harder to get credit now, and even harder in the future. So this has been driving up prices globally, the problem in the states called sub-prime, will and is spreading like a cancer to OZ, and will surface here in the UK. This is gonna be a big ugly mess, when this one gets out.

But thats my two peneth, my best friends brother works in the city, so have a good contact etc.

If you are migrating, and have sold your house here in the UK, or like me have no house to sell, then its good news. As you will get a better exchange rate, and with a bit of luck, houses may be more affordable in the coming years in relation to your salary, rather than loose credit?

1,000.00 British Pounds = 2,519.47 Australian Dollars Dropped a bit now, i suppose its how much nerve you have by way of do you exchange now, or wait and lose, or wait and it hits 2.6.

Maybe send some now and some later, just in case! I'll hang on a while. I'm hoping I may be able to afford a place of my own when I get there! As well as the TAFE course I want to do!

Ok for a complete finacial dimwit can anyone explain in very simple english whether this is big trouble for us with houses on the market in uk at the moment, do we drop prices or is it all not as bad as i am reading it
trying to remain calm but feel i could cry btu not even sure if i need to cry or not

Daunted, when i speak, well write, it is coming from my best friends brother who works in the city really. But i do know him very well, and trust his judgement. But do not take this as gospel, as it could be complete and utter nonsense, so do some research, ok?

But from what i can gather, and i do not own a house, cannot afford to buy one here or in Oz. But the housing market is not in as good shape as we are all led to believe by the vested interest's, and the press, goverment etc etc!

If you have your house on the market, and it don't sell in a reasonable time frame, its too expensive. A house is only worth what someone can:

1) Get credit to pay for it.
2) Is willing to pay for it.

Credit is drying up fast, very fast, and houses are on average, from what we are told, average cost £200,000.00, and the average pay in the UK, is £23,000.00. So you do not need a calculator to work out something is out of sync there. Someone has been telling porkies with regards to the amount of money they can afford to borrow me thinks, well i have had it spelled out to me!

So, make your own mind up, but to sell, reduce and get rid now, otherwise it may complicate matters later, when you get your visa, and want to go ASAP.

I have just registered with Ozforex, and see that they can't accept an online bank statement. My spare cash is in an internet account. My old paper account has no money in it. The online account also doesn't show my address.

Can anyone see a way around this or do I have to transfer money to the c**p account which will take a week. I guess I have to transfer it and wait. Rats!

I've just had an email from their "compliance team", saying that an online statement *is* acceptable...:

"We are required to ascertain the source of your fund. Please provide a bank statement, dated no later than 3 months from time of issue, from which the funds will be coming. This may be an online statement."