How much money to take ?
Dec 5th 2003, 12:08 pm
#1
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Thread Starter
Joined: Dec 2003
Posts: 2,375
How much money to take ?
Ok, this is based on a lot of assumptions at the moment...the main one that we actually get accepted.
I'm 6 months into my application under the general skilled category (Offshore Independant) along with my wife and son.
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K. I hope that doesn't sound like I'm bragging...we were just very lucky and bought at the right time.
Anyway, if we're accepted we are hoping to rent our existing property for around £1K per month as the rental market here is quite bouyant. With our mortgage repayments taken care off we should be able to afford around £350 / month on a rental property in Oz. We only envisage this to be for the first 6 months to a year until we've found our feet, sell our own house and buy a property down under.
So this comes around to my original question. We won't be going down there with any huge collateral behind us, only what we can save.
Ideally for the first month we'd like to have a look around, fly to Brisbane and Sydney to check them out. By the way, Perth is our preferred destination although we are still very open minded.
How much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
I'd like to hear from similar folk who were in our position and made the move or those still weighing up the idea of reanting their own home in the UK before committing to property in Oz.
Bit of a ramble, bearing in mind we've heard naff all from Adelaide since our application was received.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
I'm 6 months into my application under the general skilled category (Offshore Independant) along with my wife and son.
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K. I hope that doesn't sound like I'm bragging...we were just very lucky and bought at the right time.
Anyway, if we're accepted we are hoping to rent our existing property for around £1K per month as the rental market here is quite bouyant. With our mortgage repayments taken care off we should be able to afford around £350 / month on a rental property in Oz. We only envisage this to be for the first 6 months to a year until we've found our feet, sell our own house and buy a property down under.
So this comes around to my original question. We won't be going down there with any huge collateral behind us, only what we can save.
Ideally for the first month we'd like to have a look around, fly to Brisbane and Sydney to check them out. By the way, Perth is our preferred destination although we are still very open minded.
How much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
I'd like to hear from similar folk who were in our position and made the move or those still weighing up the idea of reanting their own home in the UK before committing to property in Oz.
Bit of a ramble, bearing in mind we've heard naff all from Adelaide since our application was received.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
Dec 5th 2003, 12:39 pm
#2
Born to be ignored
Joined: Sep 2003
Location: Anstead, Brisbane
Posts: 1,138
Re: How much money to take ?
Originally posted by Three Legs
Ok, this is based on a lot of assumptions at the moment...the main one that we actually get accepted.
I'm 6 months into my application under the general skilled category (Offshore Independant) along with my wife and son.
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K. I hope that doesn't sound like I'm bragging...we were just very lucky and bought at the right time.
Anyway, if we're accepted we are hoping to rent our existing property for around £1K per month as the rental market here is quite bouyant. With our mortgage repayments taken care off we should be able to afford around £350 / month on a rental property in Oz. We only envisage this to be for the first 6 months to a year until we've found our feet, sell our own house and buy a property down under.
So this comes around to my original question. We won't be going down there with any huge collateral behind us, only what we can save.
Ideally for the first month we'd like to have a look around, fly to Brisbane and Sydney to check them out. By the way, Perth is our preferred destination although we are still very open minded.
How much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
I'd like to hear from similar folk who were in our position and made the move or those still weighing up the idea of reanting their own home in the UK before committing to property in Oz.
Bit of a ramble, bearing in mind we've heard naff all from Adelaide since our application was received.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
Ok, this is based on a lot of assumptions at the moment...the main one that we actually get accepted.
I'm 6 months into my application under the general skilled category (Offshore Independant) along with my wife and son.
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K. I hope that doesn't sound like I'm bragging...we were just very lucky and bought at the right time.
Anyway, if we're accepted we are hoping to rent our existing property for around £1K per month as the rental market here is quite bouyant. With our mortgage repayments taken care off we should be able to afford around £350 / month on a rental property in Oz. We only envisage this to be for the first 6 months to a year until we've found our feet, sell our own house and buy a property down under.
So this comes around to my original question. We won't be going down there with any huge collateral behind us, only what we can save.
Ideally for the first month we'd like to have a look around, fly to Brisbane and Sydney to check them out. By the way, Perth is our preferred destination although we are still very open minded.
How much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
I'd like to hear from similar folk who were in our position and made the move or those still weighing up the idea of reanting their own home in the UK before committing to property in Oz.
Bit of a ramble, bearing in mind we've heard naff all from Adelaide since our application was received.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
We've sold up and are taking everything with us. Hopefully we can live mortgage free, if not, we'll have a tiny mortgage.
Jane
Dec 5th 2003, 12:51 pm
#3
Joined: Aug 2003
Posts: 8,147
Re: How much money to take ?
Originally posted by Three Legs
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K.
how much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
We live on the Isle of Man and have a house worth in the region of £275K with a mortgage of only £99K.
how much should we have to get started down there do you think ? I mean, are we talking (excluding flights to Oz & Shipping / Freight costs) £5K or are we talking £20K.
Comments / thoughts much appreciated.
Three Legs...Manx & Proud.
Hi Three Legs!!!
welcome to the madhouse!!
I think the ideal is that you are able to support yourself and family for at least 2 years (ie 2 years salary) - I would imagine the knowledgable migration agents who are often around will be able to advise you on that one!!
If you have so much equity in your property why not release some of it to set you up? if you are intending to sell it eventually anyway, you need the money to take with you sooner rather than later.
I would imagine some of the people on here will also be able to advise you about the tax implications of having property in the uk too.
sue
ps love the username!!!!
