Thomaz

After five months in Australia it looks like I screwed up. Brought my family (wife and two kids aged 7 and 5) here in search of a better life but so far we’ve never been so miserable.

Thing is it is probably too early to be thinking about going home – although at the moment that seems like the easiest thing to do – I know I should give Australia at least a year or two.

But, and here’s my problem, what do I do about my money? Back in September just prior to coming here I made the decision NOT to transfer the bulk of my money across. Reason being I had been following the exchange rate for the last few years and at the time the $2.45 rate I got for the little I transferred was the lowest rate I had ever seen (I know it was a lot lower around 6-7 years ago but that was a different time – house prices here were very low for one thing). I therefore decided to wait a bit in the hope that the rate improved. Ha, it’s dropped steadily since then and is now around $2.35 for the pound.

With hindsight (wouldn’t it be lovely to have that!) I should have transferred in September and at least my money would have been earning a decent interest in the bank here. As it is I have it in the Commonwealth Bank holding account in London earning a paltry 2%. Now I’m not rich by any means – the money is the proceeds from the sale of my house in England which was pretty much my pension. It’s not a nice feeling to see it being eroded.

So what are my choices assuming I don’t go back to the UK for a bit… bite the bullet and bring it across at the current rate and either stick it in the bank or buy a property here? Having owned my own home in England for the last 16 years I’m not comfortable renting - for one thing I think there is even less chance of settling here if we don't have our own home - but will a property here be a good short-term investment given the slowing down in the market?...plus the costs of buying and selling here are greater than in the UK. The one thing I don’t want is be trapped in Australia.. if in two years time we do end up wishing to return home, we don’t want to be priced out of the UK market either because house prices have risen more than here or because the dollar has weakened and we get a lot less for our money when we transfer it back to sterling.

I know, nobody out there has a crystal ball but any thoughts would be very welcome.

Also, a question some of you may be able to answer – will I be liable for any tax on the money if I leave it much longer before I transfer it to my bank in Oz. I know there is no tax on the sale of one's UK house if you transfer it when you first get here but I’ve heard 6 months mentioned, after that it’s then subject to CGT.???

ABCDiamond

Leaving aside the money issue to begin with... (as that is complicated without a working crystal ball)

What area are you living in ?
Are you working ?
Why do you feel so miserable here ?

etlniwd

The fact that you refer to the UK as 'home' says it all. You also talk about being 'trapped' in Australia.

I think you've answered your own questions.

Luke I Amyofath

"Im scared of being trapped in Australia"

Most were fed up with being trapped in the UK !!

Im with ABCdiamond on this. Dont think about the cash you have in uk.
Think about the life you left behind and the reasons you came to australia.
There have been many posters that say they want to return to the UK, many of whom I would take a guess and say that its not the country or life here they dont like, its more their current situation that makes them unhappy.
When we go through a bad patch in a foreign country it is so easy to think of going "home". We fail to see why we left in the first place. Ive said this before and believe it to be true that the uk isnt getting any better while you are away, in fact its getting worse

Best of luck to you

renth

The interest your money is earning in the bank will need to be declared on your Aussie tax return.

As you've already sold your house you don't have to worry about capital gains tax. That 6 month rule applies if you move to Australia and sell your house, say a year later.

Then you have to declare the capital gain (if any).

I'm not an accountant though so feel free to ignore what I've just said.

The Autralian Tax Office Web site is very good and they are helpful if you call them.

Ceri

The interest on your money:
If you do want to keep it in the UK, I'd try and change your account if I were you - surely the bank you're with in Britain has a high interest "savings" account (5%) . 2% sounds awfully low to me.

I can't answer your question. Are you unhappy because of "money/house" issues? What I'm trying to say, if you owned your own home here, would that solve your problems? Or would you still feel "trapped"?

I've been in Aus almost 7 years, we own our own house, boat, etc, etc - but still this is not enough for us. We both (myself and hubby) are making plans to go back to the UK. Australia does not suit all. BUT - your situation may be different , you're still finding your feet, five months seems to me a very short period to make any major decisions. Why are your kids unhappy? Kids usually settle in quicker than adults, making new friends in school etc.

Where are you in Aus? There's a few expats on here who meet up from time to time, maybe going to one of these "meet ups" will be of some help to you, just to talk to people who are in the same situation as yourself may help.

I wish you all the best, and hope that you can find some answers to your problems

Thomaz

Well, thanks but really I’m talked and talked about my reasons to various people and nothing anyone says seems to help. It’s such a personal thing but the main reasons are I dislike my job and don’t particularly like where I’m forced to live because of it (Wollongong). Yes, I know this can be resolved by packing it in and moving to another part of Australia. Easier said than done – I’m in my mid-forties, finding work is not easy and I could end up spending more of my saving and end up returning home with even less. In other words it would be another gamble.

Apart from that the big pull back to the UK at the moment is the guilt both my wife and I feel with regard to leaving our aging parents. We thought before be came here we had come to terms with our feelings but you can’t really be sure exactly how you are going to feel until you get here having burnt all your UK bridges.

In time I hope we will get over these feelings – after all our children are of course the priority and they so far are happy here. In fact much of the Australian lifestyle does suit us but I do feel far poorer financially for being here.

Money isn’t everything but it certainly helps which is why I’m desperately seeking advice before I make (yet another) mistake.

WheelsOfSteel

I would leave the money where it is or possible consider investing some of it until which time you need it.

Unless you wanted to pay off a mortgage in Oz to give you more cash for traveling or something I wouldn't bring it over now. Try buying USD but you will earn much less than 2%, but it may get a bounce and you can buy back GBP then.

Why not go somewhere else? Nothing has to be forever, you can always go back to the UK in a couple of years.

Perhaps you could wait to get your passport, PR whatever, go back to the UK then with all your options still open, to move back again if you feel like it in the future.


Whatever you choose. Be happy!

ABCDiamond

Thomaz
I can sympathise with you, I spent 10 years down in Outer Sydney, and could never really call it home. I gave up and went back "home" after 10 years ! But the UK wasnt the same, and after a few years back in UK, I headed back out to OZ, but this time chose Brisbane. It suits me here. I now call it home.

I'm a bit older than you, still have one parent left, but we speak on the phone, and email. Financially I was better off in the UK, but life is more comfortable here, and I am now fortunate to be able to accept what I have chosen. That came with time.

You say you dislike your job. That is something you need to try to resolve. Until it is resolved nothing will change.
If you can concentrate on that aspect, and become happy in something, then your whole attitude will alter. Thats my words of experience, from getting so pi**ed off, that I gave up my job, and did something very different, just to get that change, and that was at the age of 42. I would advise finding something else first if you can though

Keep talking to people......

Megalania

Not much you can do about a shitty job this week. If co-workers are giving you a hard time - pick your time to ask them nicely to go easy. Most will.

theguitardoctor

Hi Thomaz,

We didnt even last as long as you...after 4 shitty months in NZ we gave up and returned to the UK. My wife missed her ageing Father terribly, and nothing can replace that ... no emails or phone calls or webcams are the same as being in that persons company. Every country has it's problems, and the UK is far from the worst place in the world to live. Costs of living balance out one way or another, as we found in NZ. I would like to have given NZ more of a chance, but at the end of the day, it would all have been a distraction for my wife, and her true feelings would have returned sooner or later. You have to be a little selfish to emigrate as it affects the people you take and the people you leave. We came back before the housing market went too far from us etc. It's your decision and your family's ... don't listen to the UK haters ( they believe the tabloids way too much) or anyone else for that matter...listen to yourself and the feelings of your loved ones...then make a decision...that way you can live with it. If someone gives you the wrong advice, you always blame them. I've said it before and I'll say it again...many times emigration is not the answer - the answer lies right under your nose...if you live in a bad area, move...fed up with the job, get a new one..it's all easier than emigrating, and less costly most of the time. By all means give Oz a better chance, but make that decision for the right reasons, same way if you return home.

all the best, Rich.

WheelsOfSteel

You could always go back to blightly now. But you can always go back whenever you want. Just keep an open mind.

I have been over here in NZ for going on a year now and we all intend going back to the UK at some point. For how long, who knows.

Maybe spend some time there and some time here, who knows? We like both places, which are very different.

I never came out here looking for a new home, I was quite happy in England, we just wanted to go somewhere different for a while.

Keep your options open and don't feel you have to give anything up.

Merlot

I was sorry to read your post and I hope that by being in contact with people on this forum you are able to air your thoughts and gain some support, it is tough.

I wanted to ask with Wollongong, did you chose to live there because of a job you had been offered before you arrived or did you arrive without a job then got offered a job in Wollongong?

I have only been there a couple of times and my perspective is and looking through the eyes of a newly arrived family from the UK, I don't think I would have settled - but that is me. I think the regional areas can be harder to make roots. We lived in Sydney for 4 years before we moved up the Coast to Gosford and found it harder to settle. Been here 3 years and back to the UK in March.

Please anyone from the Gong, I am not talking it down, just an observation.

I am not sure what advice to give, like Ceri said we are all different but you will know in your heart what is the right thing to do.

Best of luck and keep posting, we'll keep answering.
Merlot

Thomaz

Yeah Wollongong - lovely place…NOT.

Actually I only work in Gong – at the ugly Steel Plant, we are renting a bit further south in Shellharbour which is nicer in that there are a lot of new developments taking place. Nevertheless apart from great beaches there is not a lot else here – Sydney may look close on the map but with traffic it is a two-hour drive – too far to go for a night out for instance. Also, most of the people we have met so far – certainly the one’s I work with – originate from Wollongong. Nothing wrong with that but it does make it harder to settle – I feel like a bit of an outsider most of the time and so far we have made no friends.

Yes, came here because I was offered a job. Took a while for everything to go through – in fact almost a year in which time the pound dropped around 17% against the AUS$ and the property prices in the Wollongong area rose by 40%!! Sorry to keep mentioning the money but one of our reasons for coming to Australia was to have a biggish house with pool etc. Sadly now, with a max of $300K should we decide to transfer our money, the best we can get is a 3-bedroomed shack in one of the poorer suburbs. The kind they call a starter or investment home here. Not much for all my years striving and certainly a lot less than I had in England. Obviously, before anyone says it, I could take out a mortgage like everyone else does but I took a big drop in salary to come here (and taxes are higher) and I really don’t feel I can afford the payments. Not if I want to be able afford to return home, sorry I mean England, for holiday’s every couple of years or so. Is that too much to expect? Oh, and my wife so far can’t get a job – there is very little work in the area.

Yep the more I think about it the more I realise I only have two options – either go back to England sooner rather than later or take the gamble and move somewhere better e.g. with affordable housing (a few Brits in the area would also be nice). That’s still one option too many though.

And I still don’t know what to do with my money but thanks to the people who gave me advice. I thought about US$ but another gamble for sure. If I really thought we will stay in the country for a number of years then yes I would transfer it now and get my foot on the property ladder (hopefully somewhere nicer such as Brisbane)… but even as I say that I get that TRAPPED feeling again. Help!!

keyurlavingia

As far as getting US$, I would say its a no-no. The USD is falling like crazy right now and its not expected to recover for atleast another year. When I applied for migration to Oz in Aug '03, it was almost AU$1.6 for one USD. Its hard to get 1.29 now. Even the feds here are telling businesses not to expect the USD to come back for a year or so.

Keyur.