how far will 50k stretch
 

hi all ,worried at the current state of affairs in aus ,hoping to go nexy year to perth but with the falling aus dollar,falling jobs,rising house prices(rents).not sure what to do ,we will have 50k to take but if theres no jobs i dont know how long it will last ,really dont want to touch most of it as we wanted to put it down on a house ,is it worth the risk?

Re: how far will 50k stretch
 

Pounds or dollars?

Pounds will stretch almost twice as far as dollars but to get established, pay rent/bonds up front, buy car etc etc then that will take a fair slice.

Re: how far will 50k stretch
 

Coins or notes? Large or small denominations?

Laid end-to-end or in a pile?

In a 'round-the-world' or 'half-way-to-the-moon' style configuration?

If I'm to be of more help, further details please! . . .

Re: how far will 50k stretch
 

Depends on many factors but primarily, are we talking $ or £ ?
How you live & how much you need depends on many factors such as kids (ages of etc),what you are prepared to live with temporarily, are you shipping over stuff, do you want to eat foie gras for lunch each day etc etc etc!

A few more details will def help people to help you more effectively!

PS what type of work are you looking at?

Re: how far will 50k stretch
 

hi again sorry for the lack of info,were talking £s my job is a plasterer other half is a hairdresser ,kids are 10 and 5 .you hear people saying ooohhh the houses are great(which some probably are) but to have something half decent were talking a large deposit then a large mortgage maybe $200,000 dollars (and poor me working till im 90 to pay it off) maybe its best to rent for a year then see what happens ,any info on mortgage repayments would be gratefull tata:cool:

Re: how far will 50k stretch
 

Renting is your best option when you first arrive, helps you find your way around, houses you like, see how the job front goes, normally helps to have some work history if looking for a mortgage. See how much your earning and will help you calculate you can afford in terms of mortgage.

200 k is a small mortgage , well below average borrowings.

depends on how much you borrow but interest rates sit somewhere between 6 and 7.5% dependant on variable / fixed rates / lenders / offers etc.

200k is going to cost you roughly $ 1500 per month.

Plasterers I would imagine(Check it out yourself) $50 / 65 k a year, dependant on self employed / employed etc.

Many other factors, but come try it out see how you go.

I know yo have kids, I do to and I brought a little more than you(Not much) no jobs two kids and we are doing great. House purchased (Much bigger mortgage than you)

You will be fine, just try it and find your feet, then make your own judgement.

Re: how far will 50k stretch
 

thanks for the quick reply ,still sounds alot $1500 a month that converts to roughly £700 which is more than double my mortgage hear (i know what your thinking moaning so an so) just dont want to get out there and have to settle for something just for the hell of it.tata:p

Re: how far will 50k stretch
 

Your right, the one thing that shocked me here is house prices..I find I have less disposable income, it all goes on the mortgage, however I don't need the disposable income like I did in the UK.Spare cash is needed more over there as you need to enterain your family whilst he weather is crap, and to be honest thats most of the time:D

At least you have the 50k in your sky rocket. Come and try it, we rented a really nice place for first 8 months, makes settling easier. worth paying a little extra in rent. As renting overall is cheaper than buying (In the short term anyway)So don't scrimp on the rental. DO that when you buy...Then fixer up..

Re: how far will 50k stretch
 

You may want to look at real estate prices www.realestate.com.au is a good place to start - they also have a built in mortgage calculator to help you work out monthly payments. Chances are with only $100k deposit (best case scenario?) you will need a mortgage of at least $300k to get what the brochures describe. The expectation too is that interest rates are going to rise and begin to do so reasonably soon so factor that into your calculations as well. Renting somewhere is going to cost you around the $1500 - $2000 a month depending on where you want to live.

Re: how far will 50k stretch
 

Hi
I hope this reassures you a bit myself, husband and 6 children came out to australia in january with $10,000 and a suitcase each no job and no friends or relations, we managed to get a car for $3000 and paid $1500 rental bond we bought a mattress each for the floor and basic household items for $1000 my husband got a job in a week and i got one the week after and we havn't looked back we both now have good cars the house is fully furnished and we have just been approved for a mortgage, don't let money put you off if you want something to work badly enough it will
Good luck
Sue:thumbup:

Re: how far will 50k stretch
 

six children!!!

Re: how far will 50k stretch
 

Bravo!!!

Re: how far will 50k stretch
 

Superb sue!

Why the hell aitn ya done a page of "how sue did it?"
Would be a hell of a read:thumbsup:

Well done missus

jase

Re: how far will 50k stretch
 

Need a proper update. Would make a really good & inspiring read I reckon!:thumbsup:
Karma sent.

Re: how far will 50k stretch
 

and karma from me too. Also for Julian01 as they had none.

I have very strick karma giving criteria me