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How worried are you renting your house and moving to Oz?

How worried are you renting your house and moving to Oz?

Old Dec 1st 2008, 8:18 am
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Default How worried are you renting your house and moving to Oz?

This is a dilemma I face at the mo, After splitting with my ex last January, I decided I'd like to go to Oz, but my ex keeps thinking I'm not going to pay etc etc. Plan is to rent out house etc, but I am worried about it, as in having to make some payments (however big or small) form the other side of the world.
I've lived abroad before, but didn't have to worry about anything over here (I'm in Ireland).
Anyone who has done this before, how do you keep peace of mind? Do you worry at all, such as "Is the house ok?" "Who's checking on it?" "What are the lodgers like" "Will I be able to make any necessary payments etc etc".

I kind of feel if i go down under, it's a reckless decision to make, but at the same time, I'd like to seize the day!
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Old Dec 1st 2008, 9:38 am
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Default Re: How worried are you renting your house and moving to Oz?

We couldn't sell our house int he Uk so had no option but to rent it out. It was a bit scary as it's something we've never done before. However, so far, it been problem free. I think you need to use a reputable agency. Ours did debt checks etc against our tenant and use a third party to do this. The third party is then responsible if the tenant fails to pay. Also, it might have something to do with the price range your property is in. We are fortunate that we have a professional couple in ours. I've had a lot of experience with Council Tenants and Housing Benefits through my work and would never go down that route. The agency also carry out inspections on the property to check the condition. I also have it written in my contract that I can send someone (Mum) to check on my behalf too. Good luck.
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Old Dec 1st 2008, 10:39 am
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Default Re: How worried are you renting your house and moving to Oz?

I have been doing this for the last three years, it can be a little stressful, but can be done, i pay money into UK bank account, rent goes in there and mortgage goes out...trying to sell it now though!
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Old Dec 1st 2008, 10:48 am
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Default Re: How worried are you renting your house and moving to Oz?

cheers guys. It may end up that if we did rent the house, it wouldn't cover the entire mortgage, but I could live with having to pay the difference. It may mean having to get an extra part time job down under (if I got a full time one first!!), to do this, and so be it...

I've been to Oz before, loved it, and have the option of staying with a mate intialy until I get sorted...
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Old Dec 1st 2008, 10:53 am
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Default Re: How worried are you renting your house and moving to Oz?

Rent didn't cover my mortgage either....it is doable!
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Old Dec 1st 2008, 10:55 am
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Default Re: How worried are you renting your house and moving to Oz?

Don't forget to factor in that you will be liable to Australian tax on the rental income.

Failure to declare it is tax evasion.

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Old Dec 1st 2008, 11:16 am
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Default Re: How worried are you renting your house and moving to Oz?

Actually if its an outgoing as in my case its tax deductable!
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Old Dec 1st 2008, 11:17 am
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Default Re: How worried are you renting your house and moving to Oz?

Originally Posted by pompeyblonde
Actually if its an outgoing as in my case its tax deductable!
Indeed.

Still has to be declared though.
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Old Dec 1st 2008, 11:33 am
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Default Re: How worried are you renting your house and moving to Oz?

I'm in a weird situation where I haven't officially signed into the mortgage, but have a solicitors letter stating that if the house were ever to sell, it's 50/50 split. I currently pay the amount into my now "ex" bank account. The plan was for me to officially sign into mortgage when I was in my job for a longer period. But alas, things didn't work out, so it would still just be a case of me transferring it to her bank account each month, or something similar to that

crazy, I know, but I suppose I wouldn't be dealing with declaring tax etc. in Oz, as I'd just be doing a straight forward bank transfer...
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Old Dec 1st 2008, 11:36 am
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Default Re: How worried are you renting your house and moving to Oz?

Originally Posted by pompeyblonde
Rent didn't cover my mortgage either....it is doable!
How did you fare out with the exchange rate? Did it put extra pressure on you?
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Old Dec 1st 2008, 11:36 am
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Default Re: How worried are you renting your house and moving to Oz?

Originally Posted by criodain
crazy, I know, but I suppose I wouldn't be dealing with declaring tax etc. in Oz, as I'd just be doing a straight forward bank transfer...
Unless you are on a temporary visa you are liable for Australian tax on ALL your Worldwide income regardless of it's source.....including interest from foreign bank accounts

It is illegal not to declare it.

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Old Dec 1st 2008, 12:34 pm
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Default Re: How worried are you renting your house and moving to Oz?

Originally Posted by Grayling
Unless you are on a temporary visa you are liable for Australian tax on ALL your Worldwide income regardless of it's source.....including interest from foreign bank accounts

It is illegal not to declare it.

G
I didn't know this, so it is good to know thanks.
I have a WHV. I'm in the last year of it, and would hope to stay on.
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Old Dec 1st 2008, 12:37 pm
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Default Re: How worried are you renting your house and moving to Oz?

Originally Posted by criodain
I didn't know this, so it is good to know thanks.
I have a WHV. I'm in the last year of it, and would hope to stay on.
As far as I know It only becomes an issue when you have PR as the tax rules are different.

It can work in your favour but it depends on individual circumstances.

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Old Dec 1st 2008, 1:02 pm
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Default Re: How worried are you renting your house and moving to Oz?

I should have written my previous email in a better way. What I meant was I'm 31 (last year of the working holiday visa), and would hope to stay on after it, if I'm lucky...
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