Making my money work for me??
Jun 1st 2007, 4:33 pm
#1
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Making my money work for me??
Okies - First let me say that I have a complete black spot when it comes to getting my head around all things financial but today i have had a bit of an idea 
I keep reading about how the interest rates are due to rise on UK mortgages (yet again) and how some financial experts (their titles not mine) are predicting a fall in UK house prices.
This has got me to thinking: if i was to sell my house and move into rented accommodation awaiting my visa, where would the best place be to stash the equity from the sale of my house? I have been looking at rental prices today and they are pretty much what i am paying on my mortgage so its not like i would be having to dip into my new home money
Looking on the worse case scenario being that i dont get the visa - i would at least still have the equity that would have earned some interest for me to buy a new house where ever i choose to be.
Does any of that make sense or have i missed out any vital pieces of information??
I keep reading about how the interest rates are due to rise on UK mortgages (yet again) and how some financial experts (their titles not mine) are predicting a fall in UK house prices.
This has got me to thinking: if i was to sell my house and move into rented accommodation awaiting my visa, where would the best place be to stash the equity from the sale of my house? I have been looking at rental prices today and they are pretty much what i am paying on my mortgage so its not like i would be having to dip into my new home money
Looking on the worse case scenario being that i dont get the visa - i would at least still have the equity that would have earned some interest for me to buy a new house where ever i choose to be.
Does any of that make sense or have i missed out any vital pieces of information??
Jun 1st 2007, 5:35 pm
#2
Joined: Feb 2007
Posts: 394
Re: Making my money work for me??
Exactly as I see it, it makes sense to me too!
We have exchanged and haven't got our visa as yet but hopefully it will arrive before we move out of our house in mid july!
Carmel
We have exchanged and haven't got our visa as yet but hopefully it will arrive before we move out of our house in mid july!
Carmel
Jun 1st 2007, 5:39 pm
#3
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Re: Making my money work for me??
Have you got any tips for best place to invest the dosh??
Jun 1st 2007, 5:43 pm
#4
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Re: Making my money work for me??
Hi there,
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
Jun 1st 2007, 6:09 pm
#5
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Re: Making my money work for me??
Hi there,
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
YAY! seems like it may have been one of my better ideas
Going to go visit estate agent again on Monday and get it shifting and then pay bank a visit re investing.
Thanks for the help xx
Jun 1st 2007, 6:19 pm
#6
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Re: Making my money work for me??
No problem,
good luck x
good luck x
Jun 1st 2007, 6:48 pm
#7
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Re: Making my money work for me??
hope this helps someone regards bobby
Jun 1st 2007, 6:49 pm
#8
Joined: Feb 2007
Posts: 394
Re: Making my money work for me??
Hi daunted, just pm'd you
Martin, how much does it cost to transfer £ to $ as far you as you know. Yours does seem like a good plan, however we have no long or short term plans anywhere so have been reluctant to transfer money from UK to Oz because we could lose some and more just in transfer fees, exchange rates etc?
Carmel
Martin, how much does it cost to transfer £ to $ as far you as you know. Yours does seem like a good plan, however we have no long or short term plans anywhere so have been reluctant to transfer money from UK to Oz because we could lose some and more just in transfer fees, exchange rates etc?
Carmel
Jun 1st 2007, 6:53 pm
#9
Joined: Feb 2007
Posts: 394
Re: Making my money work for me??
Sounds good bobby! Minus tax... still a good return!
Selfishly lets hope if mortgage rates go up so too will savings rates!!!!
Carmel
Selfishly lets hope if mortgage rates go up so too will savings rates!!!!
Carmel
Jun 1st 2007, 7:07 pm
#10
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Jun 1st 2007, 9:22 pm
#11
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Re: Making my money work for me??
YAY me too but can we hang on a couple months please until i sold my littel gold mine
Jun 1st 2007, 10:24 pm
#12
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Location: Toowoomba, Queensland
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Re: Making my money work for me??
You'll lose out on buying and selling fees such as estate agents, solicitors, stamp duty, etc. This will likely swallow up any money you make for the short time it is held in an high interest account.
Mind you, if house prices do drop significantly, you could lose a hell of a lot of money that way too.
The 15:50 at Kempton Park tomorrow, Saturday 2nd June - bleeding eagle - is a cert at 8/1.
In short, it is all a gamble, so you take your chances.
Good luck with it.
Mind you, if house prices do drop significantly, you could lose a hell of a lot of money that way too.
The 15:50 at Kempton Park tomorrow, Saturday 2nd June - bleeding eagle - is a cert at 8/1.
In short, it is all a gamble, so you take your chances.
Good luck with it.
and Vikky
Jun 1st 2007, 11:57 pm
#14
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Joined: Aug 2005
Location: Perth (ex Oxford)
Posts: 411
Re: Making my money work for me??
Hi there,
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
I have sold my house and invested the capital in a high interest account in the uk.(3.65%) I have also opened an account with westpac in oz and will transfer my money as soon as the exchange rate rises a bit more. You can get 6.5% in oz and because you are not yet a resident, you only pay 10% tax on the interest. Hope this is of any interest to you.
Martin
Lloyds for instance do an Online Saver with a return of 5.25% AER. You just need to have at least £250 in the account - there's no other limitations.
