lee_groves

Hey guys.

We're moving to Sydney in November (hopefully about to be granted our Visa) and I was wondering if there was any advice about owing a UK bank money (as a loan) and moving down under? Do they frown upon it in Australia and will the UK bank expect it to be paid in full?

Many thanks, really appreciate any advice.

Lee

FluffyTheCampfireSlayer

Oh, this old chestnut!

I shall pull up a chair and make thy self comfy!

Anyone bringing the pizza and popcorn?

Mate, I know you're new here (or are you ) but have a go at the search function, it'll bring up about a zillion posts on this subject, along with some pretty informative advice!

One thing you forgot to do in your post though, was mention that it was 'your friend' with the debt!

lee_groves

oh no! have I opened a can of worms (or even an old can of worms)?

what's the bottom line, should we go out debt free?

FluffyTheCampfireSlayer

Mate, if I gave you my opinion, on this forum, I would no doubt be lambasted for it!

Go figure.....

lee_groves

I've read about a lot of people wanting to default on their loans, but that's not what we're wanting to do. Just wondered if there was any 'advice' like "don't turn up with any outstanding loans" or "it's fine as far as the UK banks are concerned, as long as you don't default".

Any ideas folks?

HCJ

I don't think the UK bank will care as long as the loan is performing - ie you are making the payments. Paying back a GBP loan while earning AUD isn't an ideal situation though.

Klaus Naumann

The Australian banks won't know, or care.

The UK bank won't care, as long as you continue paying them.

Fiona&malc

the best thing to do would be to pay it off before moving over here, paying a UK loan on Aussie wages may weigh you down a bit and would cost you more on foreign transfer fees etc.

Pollyana

Australia won't care, thats the first bit.

You can pay it off from here, which is all the UK bank worries about. You can set yourself up with an accounts through www.tranzfers.com whereby you can move money to the UK by internet banking, and you can then pay the UK loan off from your UK account. Lots of people on here have done it that way, cheap and easy.

It is a bit of a can of worms question and if you do a search for UK loans you'll see some previous "discussions" which will make your hair stand on end!