pazza

Hi,
As the title says,
If you were to put maybes £100K/ $225K in a high interest oz account, what sort of interest a week/month could this sum generate.
I was just wondering with the current shortage of jobs in trades, would it be possible to make enough interest to go towards maybes food, etc.It's just something i thought i could do if i couldn't get a job, to help with the bills.
Is anyone doing this to help with their income in any way.Feedback would be greatly appreciated.

Steve.

Ps. I know the interest rates here in the UK have plunged for savers, but is it the same in Oz.

louie

We're with Westpac. I doubt they have the best rates but what they have is here - http://www.westpac.com.au/internet/p...est+comparison. So a new eSaver account would pay 4.4% for 4 months, then 3%, assuming no change in rates. That would give you £367 per month initially and then £250 per month, before tax.

pazza

Thanks louie,

£367 initially for 4 month, then £250 a month, i know it doesn't seem a lot, but it's not bad for doing nothing.
I don't think £91.00 a week @ 4 month, then £62.00 a week thereafter is a bad return, as long as you could keep it in the bank. It would only be while we were renting, as then we'd need the money to put a deposit on a place we'd want to be.
Obviously we'll have to get a job to get by, but we really want to get a feel for a place before we take the plunge of a mortgage.(if the work ever picks up)

quoll

Dont forget you will be taxed on that though and be faced with a bill of 15 - 30%+ tax at tax time.

natalieml

Have you tried this site its pretty useful and I'm sure you will find accounts that pay a better rate of interest than Westpacs 4.4%.

www.infochoice.com.au

I think there are a couple of savings accounts offering 5.5% interest rates so that works at at around $1000au per month or something like $235au per week

ABCDiamond

Double check on the Tax, depending on residency etc.
There may be no tax if they earn under $14,000 in the year.

Unfortunately interest rates have dropped considerably here aswell, and caused a good 50% drop in deposit account income for those that have it.

MartinLuther

Just to add to ABCD point.

Just for clarity (sorry ABCD) the no tax under $14k/15k is for total earnings not just interest.

Another point. If most of your earnings come from investments then at the end of the 1st tax year you'll pay the tax to the ATO. After that they'll put you on PAYG which means paying something every quarter and then paying/receiving the difference at the end of the tax year. This is because the banks do not deduct tax automatically for tax residents (who've suppled their TFN).

pazza

Thanks for all the replies everyone.

Just another box ticked off, just trying to get enough info together as i have no idea what kind of help we would recieve if we came over and couldn't get a job straight away.

We've got 3 kids, 2, 10, 13 years old, do you get the same child allowance in oz ? Also, if i couldn't get a job would i be entitled to any jobseekers allowance?

The wife thinks it's all very worrying, uprooting your family into the financial unknown, where here(UK) i know if i don't work for a couple of weeks, the next job i build will more than compensate for the couple of weeks lost. I'm not a worrying person, i leave that to the wife , where she thinks its right to be too cautious, especially where money is concerned. I agree to a certain degree, but if you're too cautious you'll never do the things you want in life.

MartinLuther

Child allowance is called FTB A and FTB B. A is the normal stuff and B is extra for single parents and selected others. FTB is means tested but you get a decent amount on low wages. Have a search on the internet for FTB for more info. You get it as soon as you become resident. Other allowances you only get after 2 years. Be wary that you can get a regular payment or an end of year payment. Make sure you keep Centrelink informed of any changes in income if you go with the regular payment as if they have paid you too much they will want it back at the end of the year.

With kids be wary that dental is not automatically free like in the UK. You can get free treatment through some schools otherwise you might want to look into a plan. It is something that catches people out from the UK.

pazza

Thanks MartinLuther,

Theres another couple of boxes ticked.

carlap

When we came over this is what I expected. However just received a letter from Medicare about a teen dental plan. Our son has a voucher for a preventative dental check up to the value of $153 (you must check your dentist will not charge more, otherwise you pay the extra). Includes checkup, xrays, clean and fissure sealing (?).

I know this is not much if work needs doing, but does help adjust the shocking Oz situation (in my opinion) where kids do not get free dental care. Just surprised to get it as I saw no publicity.

We took out private health extras largely for dental care.

MartinLuther

I wonder if that's the thing from the last election. Is it available to everyone (with kids)?

Edit: Just found the info.http://www.health.gov.au/internet/ma...teen-questions

Looks like it started 8 months ago. So I assume it's what they promised in the election.

carlap

It is a teen dental plan. The letter does say it is part of the Gov's election commitment to improve access to dental services in Oz.

Might find more info here
http://www.medicareaustralia.gov.au/...een-dental.jsp

Sorry to hijack the thread on health, but (again after taking phi), went to ask about eye test. You can get a free eye test through medicare. Just make sure tester bulk bills and you won't need to pay upfront. I can then use phi to pay for glasses.

MartinLuther

On the subject of dental. I don't know if this is common.

Our dentist has a plan where I paid a one off amount per kid and the kids get free checkups until they're adults. I can't remember how much it was but it was something around $100. I know it can be a gamble but it's certainly worked out for us.

MartinLuther

From the news on google. It looks like it's the first step on delivering the election promise. So hopefully there is more to come.