Living the dream mortgage free
Jun 12th 2004, 11:09 am
#31
BE Forum Addict
Joined: Jun 2002
Location: Gold Coast- the best place in the world
Posts: 3,196
Living mortgage free has completely different meanings to people depending on where they lived! Coming from Greater London I did not know anyone who would have a mortage of 250 pounds a month. Ourselves and our friends were all paying 1000-2000 pounds a month just for the mortgage.
It also depends when you bought your house and how much equity you had in it. We have no mortage out here so are saving a fortune compared to what we used to pay in the UK. The houses are also cheaper here than where we lived so we can still get a similar sort of house for half of the cost.
To live out here we need to earn about a third of what we used to earn to live as we did in the Uk.
We are probably in a better financial position than many people emigrating and I agree it is important for people to research accurately before they make the move.
I can't help comparing your electric bills to ours here in Qld where we have no heating we only pay $66 a month!
We also seem to spend far less on mobiles!
It also depends when you bought your house and how much equity you had in it. We have no mortage out here so are saving a fortune compared to what we used to pay in the UK. The houses are also cheaper here than where we lived so we can still get a similar sort of house for half of the cost.
To live out here we need to earn about a third of what we used to earn to live as we did in the Uk.
We are probably in a better financial position than many people emigrating and I agree it is important for people to research accurately before they make the move.
I can't help comparing your electric bills to ours here in Qld where we have no heating we only pay $66 a month!
We also seem to spend far less on mobiles!
Jun 12th 2004, 11:26 am
#32
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Hi all
Living mortgage free is not a concern for me as I don't have one!
Only because I am a lot older than most of you
My concern is balancing the cost of living against our pensions.
As I have said I can work if I want. I am in my mid 50's so it won't be the end of the world.
The difference is I don't need to work in the UK. So for me going to Australia MAY be a backwards step.
I may be over cautious but I think we have much to lose.
It does not put me off going but I want to know what we are letting ourselves in for.
For Example we have 4/5 holidays a year (all over the world).
I would miss that but I may have to sacrifice it.
I will not compromise a decent standard of living though.
I am moving for family reasons and for an adventure but I will not throw common sense out of the window as well!
Probably strayed a bit here but I do have concerns about my (our) future.
These discussions are more helpful to me than most of the bitter nonsense which passes for 'debate' nowadays on this site.
I am sure I am not alone.
Best wishes
G
Living mortgage free is not a concern for me as I don't have one!
Only because I am a lot older than most of you
My concern is balancing the cost of living against our pensions.
As I have said I can work if I want. I am in my mid 50's so it won't be the end of the world.
The difference is I don't need to work in the UK. So for me going to Australia MAY be a backwards step.
I may be over cautious but I think we have much to lose.
It does not put me off going but I want to know what we are letting ourselves in for.
For Example we have 4/5 holidays a year (all over the world).
I would miss that but I may have to sacrifice it.
I will not compromise a decent standard of living though.
I am moving for family reasons and for an adventure but I will not throw common sense out of the window as well!
Probably strayed a bit here but I do have concerns about my (our) future.
These discussions are more helpful to me than most of the bitter nonsense which passes for 'debate' nowadays on this site.
I am sure I am not alone.
Best wishes
G
Jun 12th 2004, 11:29 am
#33
Banned
Joined: Mar 2003
Posts: 4,432
Over the longer haul, owning your own home (mortgage free), is the foundation of a families fortune. Usually one of the best investments families make. Not having to pay interest or rent frees money to be invested to earn interest, dividends or rent.
Jun 12th 2004, 12:36 pm
#34
Guest
Posts: n/a
Originally posted by kala
However We have been saving and will have (at todays exchange rates) approx $50-$60 AUD to take with us when we go in approx a year.
However We have been saving and will have (at todays exchange rates) approx $50-$60 AUD to take with us when we go in approx a year.
I know that you really meant to put;- $50,000 - $60,000, but it did make me smile. $50-$60 wouldn't go far
What part of this country are you heading for ?
Jun 12th 2004, 6:50 pm
#35
Kiwified member
Joined: Oct 2003
Location: New Plymouth, NZ
Posts: 1,647
My 5c worth.....
When we moved out here we were lucky enough to have the vast majority of our moving costs (shipping, dog shipping, flights, visa costs) paid by Nick's employer.
They also rather wonderfully provided a house and car rent free for three weeks while we got organised with our own.
We didn't sell our flat but did take a some equity out of it to pay some of our debts in the UK. If we had it would have made a nice deposit on a house but for the one we want out here we would still need a mortgage.
All in all we came out here with just under £4,000 - pretty much all of which went on the car and the rental bond.
Frankly, if our costs hadn't been paid we wouldn't have been able to move without spending every single penny we had, leaving us with NOTHING to start anew with.
In terms of now we are here - life is not as easy living as we thought - things may be cheap in terms of English £ but when it comes to NZ $ it is a very different story, and that is something you don't realise until you actually live the life. Research helps, of course, but nothing beats the real experience.
But although it has been difficult I keep thinking - people have lived here for years like this and they manage so that means we can too!
When we moved out here we were lucky enough to have the vast majority of our moving costs (shipping, dog shipping, flights, visa costs) paid by Nick's employer.
They also rather wonderfully provided a house and car rent free for three weeks while we got organised with our own.
We didn't sell our flat but did take a some equity out of it to pay some of our debts in the UK. If we had it would have made a nice deposit on a house but for the one we want out here we would still need a mortgage.
All in all we came out here with just under £4,000 - pretty much all of which went on the car and the rental bond.
Frankly, if our costs hadn't been paid we wouldn't have been able to move without spending every single penny we had, leaving us with NOTHING to start anew with.
In terms of now we are here - life is not as easy living as we thought - things may be cheap in terms of English £ but when it comes to NZ $ it is a very different story, and that is something you don't realise until you actually live the life. Research helps, of course, but nothing beats the real experience.
But although it has been difficult I keep thinking - people have lived here for years like this and they manage so that means we can too!
Jun 12th 2004, 7:03 pm
#36
Banned
Joined: Aug 2002
Posts: 7,613
Originally posted by Pollster
In terms of now we are here - life is not as easy living as we thought - things may be cheap in terms of English £ but when it comes to NZ $ it is a very different story, and that is something you don't realise until you actually live the life. Research helps, of course, but nothing beats the real experience.
But although it has been difficult I keep thinking - people have lived here for years like this and they manage so that means we can too!
In terms of now we are here - life is not as easy living as we thought - things may be cheap in terms of English £ but when it comes to NZ $ it is a very different story, and that is something you don't realise until you actually live the life. Research helps, of course, but nothing beats the real experience.
But although it has been difficult I keep thinking - people have lived here for years like this and they manage so that means we can too!
Age: if I were 10 years younger (I'm 41) going to live in NZ would seem less of a risk to lifestyle than it does at the moment. And I might be more blasé about roughing it there (in comparison) because I did sort of rough it until I was 30-ish, anyway. We have got a very comfortable lifestyle here in Europe and I know from my 6 month 'test' in NZ that things would be a lot worse for us financially there with all that implies, regardless of NZ's beautiful scenery and refreshing attitudes.
Money: having none means you're not changing or risking much with the move. Having loads cushions the impact of a move downunder but conversely might mean you're used to having loads, too (which you will soon see diminishing in NZ or Aus unless you trade down in outgoings!).
We're still thinking about NZ, no conclusions yet.
Jun 12th 2004, 8:47 pm
#37
58.38264% - Extreme Geek
Joined: Jan 2004
Location: The Place To Be
Posts: 2,270
Originally posted by maxpaxx
Hi Jill,
Good on ya,
I think it makes so much sense and if you factor in all the eventualities the you are not in for any nasty shocks - can't understand why everyone isn't doing this?
Max x
Hi Jill,
Good on ya,
I think it makes so much sense and if you factor in all the eventualities the you are not in for any nasty shocks - can't understand why everyone isn't doing this?
Max x
How many people would be prepared to gamble all their cash, time, assets, and family's wellbeing/happiness on a business investment without first creating (or examining in some detail) a profit and loss budget calculated over several years, a viability study of the business/product offering, some research of the local market for the goods/services offered, some key goals and timescales for achieving them?
Yet many seem to make this move having done none of that.... YIKES! :scared:
IMO, this is one area of your life where you have to be really hard-nosed and do the sums first - it's *far* too much of a gamble otherwise.
Anya.
Jun 12th 2004, 9:02 pm
#38
58.38264% - Extreme Geek
Joined: Jan 2004
Location: The Place To Be
Posts: 2,270
Originally posted by Grayling
Hi all
Living mortgage free is not a concern for me as I don't have one!
Only because I am a lot older than most of you
My concern is balancing the cost of living against our pensions.
As I have said I can work if I want. I am in my mid 50's so it won't be the end of the world.
The difference is I don't need to work in the UK. So for me going to Australia MAY be a backwards step.
I may be over cautious but I think we have much to lose.
It does not put me off going but I want to know what we are letting ourselves in for.
For Example we have 4/5 holidays a year (all over the world).
I would miss that but I may have to sacrifice it.
I will not compromise a decent standard of living though.
I am moving for family reasons and for an adventure but I will not throw common sense out of the window as well!
Probably strayed a bit here but I do have concerns about my (our) future.
These discussions are more helpful to me than most of the bitter nonsense which passes for 'debate' nowadays on this site.
I am sure I am not alone.
Best wishes
G
Hi all
Living mortgage free is not a concern for me as I don't have one!
Only because I am a lot older than most of you
My concern is balancing the cost of living against our pensions.
As I have said I can work if I want. I am in my mid 50's so it won't be the end of the world.
The difference is I don't need to work in the UK. So for me going to Australia MAY be a backwards step.
I may be over cautious but I think we have much to lose.
It does not put me off going but I want to know what we are letting ourselves in for.
For Example we have 4/5 holidays a year (all over the world).
I would miss that but I may have to sacrifice it.
I will not compromise a decent standard of living though.
I am moving for family reasons and for an adventure but I will not throw common sense out of the window as well!
Probably strayed a bit here but I do have concerns about my (our) future.
These discussions are more helpful to me than most of the bitter nonsense which passes for 'debate' nowadays on this site.
I am sure I am not alone.
Best wishes
G
- 1 for both of us working with joint income of <a viable figure>
- 1 for only one of us working with income of <a viable figure>
- 1 for neither of us working, with investment income of <a viable figure>
- 1 for both of us living on predicted pension payments of <a viable figure> & investment income of <a viable figure>.
I've added in not just the basics but also costs for what I call 'frivolities' ie trips back to UK, holidays, new clothes, eating out a lot more (actually we hardly ever eat out in UK so once a month will be a huge increase!), upgrading cars every so often, extra medical/dental bills etc. Althouth I've budgeted each expense on the high side, I've also allowed a decent margin for me getting the figures wrong (ie too low), although as interest rates are more likely to go rather than down as a trend, hopefully that should cancel any shortfalls out.
After doing that, at least I feel we have more idea what we're letting ourselves in for with any given scenario, in terms of lifestyles we can afford etc. Yes it was dead tedious doing all the work to put the figures together but I hope it will stand us in good stead....
Anya.
Jun 12th 2004, 9:31 pm
#39
Tupperware's #1 fan
Joined: May 2004
Location: Crawley West Sussex
Posts: 2,315
Originally posted by ABCDiamond
Kala
I know that you really meant to put;- $50,000 - $60,000, but it did make me smile. $50-$60 wouldn't go far
What part of this country are you heading for ?
Kala
I know that you really meant to put;- $50,000 - $60,000, but it did make me smile. $50-$60 wouldn't go far
What part of this country are you heading for ?
No I really have got $50-60, its taken me ages to save it, wont it go very far then??
Heading for Geraldton (North of Perth)
Kala
Jun 12th 2004, 10:52 pm
#40
Banned
Joined: Mar 2003
Posts: 4,432
Originally posted by anya4oz
FWIW Grayling I've done 4 cash models:
- 1 for both of us working with joint income of <a viable figure>
- 1 for only one of us working with income of <a viable figure>
- 1 for neither of us working, with investment income of <a viable figure>
- 1 for both of us living on predicted pension payments of <a viable figure> & investment income of <a viable figure>.
I've added in not just the basics but also costs for what I call 'frivolities' ie trips back to UK, holidays, new clothes, eating out a lot more (actually we hardly ever eat out in UK so once a month will be a huge increase!), upgrading cars every so often, extra medical/dental bills etc. Althouth I've budgeted each expense on the high side, I've also allowed a decent margin for me getting the figures wrong (ie too low), although as interest rates are more likely to go rather than down as a trend, hopefully that should cancel any shortfalls out.
After doing that, at least I feel we have more idea what we're letting ourselves in for with any given scenario, in terms of lifestyles we can afford etc. Yes it was dead tedious doing all the work to put the figures together but I hope it will stand us in good stead....
Anya.
FWIW Grayling I've done 4 cash models:
- 1 for both of us working with joint income of <a viable figure>
- 1 for only one of us working with income of <a viable figure>
- 1 for neither of us working, with investment income of <a viable figure>
- 1 for both of us living on predicted pension payments of <a viable figure> & investment income of <a viable figure>.
I've added in not just the basics but also costs for what I call 'frivolities' ie trips back to UK, holidays, new clothes, eating out a lot more (actually we hardly ever eat out in UK so once a month will be a huge increase!), upgrading cars every so often, extra medical/dental bills etc. Althouth I've budgeted each expense on the high side, I've also allowed a decent margin for me getting the figures wrong (ie too low), although as interest rates are more likely to go rather than down as a trend, hopefully that should cancel any shortfalls out.
After doing that, at least I feel we have more idea what we're letting ourselves in for with any given scenario, in terms of lifestyles we can afford etc. Yes it was dead tedious doing all the work to put the figures together but I hope it will stand us in good stead....
Anya.
is less likely to be the critical issue than for those from richer nations.
Would you consider posting your modeling here?
Jun 13th 2004, 3:09 pm
#41
BE Forum Addict
Joined: Jan 2003
Location: Perth, Jnr is back!
Posts: 1,286
We are mortgage free and it makes me laugh when people say oooh you are so lucky!
We were in the situation where we came with enough to buy "a" house, "somewhere" in Perth and the prospect of not earning loads of money. So, for us we bought where we could afford which is what PB used to refer as "a dump". Got jobs which pay not a lot and live the life as best we can.
As Hevs says it all adds up and if we weren't mortgage free we just could not afford to live here, end of story. Our best option would be to rent and claim rent assistance!!! Sad but true.
People come over with wads of cash and still have a mortgage and moan about it purely becasue they want the dream house in the best area and boat and 4x4 and all that being a pomme immigrant has to boast about and then still whinge
This has nothing to do with Hevs post really, I totally agree with what she is saying about how much it costs to live when you are earning in dollars, mortage aside.
We were in the situation where we came with enough to buy "a" house, "somewhere" in Perth and the prospect of not earning loads of money. So, for us we bought where we could afford which is what PB used to refer as "a dump". Got jobs which pay not a lot and live the life as best we can.
As Hevs says it all adds up and if we weren't mortgage free we just could not afford to live here, end of story. Our best option would be to rent and claim rent assistance!!! Sad but true.
People come over with wads of cash and still have a mortgage and moan about it purely becasue they want the dream house in the best area and boat and 4x4 and all that being a pomme immigrant has to boast about and then still whinge
This has nothing to do with Hevs post really, I totally agree with what she is saying about how much it costs to live when you are earning in dollars, mortage aside.
Jun 13th 2004, 3:24 pm
#42
BE Enthusiast
Joined: Dec 2002
Location: Perth WA
Posts: 712
We're definetly not mortgage free, wish we were, it is in fact bigger than it was in the UK. I admit we have a niceish house in a nice area - but our house is piddly compared to a lot around. No 4x4, boat, pool, motorbike, quad bike, jet ski etc. Got push bikes!
But I'm not hung up about it, I'm just happy to be here. Plus if it's all handed on a plate do you really appreciate it as much as if you've worked to get it? One day we might get a pool - that's next on the wish list, but we'll have worked & saved to get it.
I don't think where you live is a dump Di, especially not compared to dumps in the UK! Totally different.
But I'm not hung up about it, I'm just happy to be here. Plus if it's all handed on a plate do you really appreciate it as much as if you've worked to get it? One day we might get a pool - that's next on the wish list, but we'll have worked & saved to get it.
I don't think where you live is a dump Di, especially not compared to dumps in the UK! Totally different.
Jun 13th 2004, 3:45 pm
#43
BE Forum Addict
Joined: Jan 2003
Location: Perth, Jnr is back!
Posts: 1,286
Its fun to dream isn't it?? I have a very vivid imagination
Any more comments about our dump and you'll not be invited to the grand re-opening of the pool party next summer.
Any more comments about our dump and you'll not be invited to the grand re-opening of the pool party next summer.
Jun 13th 2004, 3:49 pm
#44
BE Enthusiast
Joined: Dec 2002
Location: Perth WA
Posts: 712
They were positive comments though missus. At least you've got a pool we've got reticulation we can only use twice a week!
Jun 13th 2004, 3:56 pm
#45
BE Forum Addict
Joined: Jan 2003
Location: Perth, Jnr is back!
Posts: 1,286
Yeah and thats knackered
