wayward

Was wondering how to deal with the bulk of our money.
Will move over enough to survive for 6 months, but unsure what to do with the rest of it.
Looks like most rentals are for 12 months so what have others done with their money for buying a house at some point.
Move it over, or keep in the UK? maybe offshore?
If in the UK will need to spread it about in a few diff banks so are covered by the 85000 government safety thing.

I'm sure this post will get lots of replies, such as spend it! Or give it to me! But our move is getting quite close now & we need to get things in place, so really need some solid advice, as I'm starting to panic a bit right now.
Has anyone used a financial adviser before moving over, is it worth it? Any recommendations? We are north east Kent.
Any advice appreciated.

Bermudashorts

We opted to leave money in UK and just bring over the minimum amount needed, so we transferred chunks at a time as we needed it. I would not have moved over six months worth of living cost, once you are working you will live on your AUD.

The rate was a pretty terrible 1.70 when we moved over and it is even less favourable now. However we decided to take a punt that sterling will regain its strength and rent until it does, it also wasn't a good time to sell the house either. But we don't have a crystal ball so nobody, not even a financial advisor can really tell you what to do for the best

wayward

"once you are working you will live on your AUD"
well it's quite likely we will both end up working in lower paid jobs than we are used to, as partner doesn't actually want to do the job he does now & the skills I have are all pretty low paying jobs, so the sooner we buy a house the better as renting will be an expensive option for us and prob eat into our house buying fund.
I really hope we can find a 6 month rental but not feeling too hopeful.

yes the exchange rate is pretty depressing right now.

well we are siding on keeping everything over here, but just wondered how others have played it, pros and cons.

It seems like it might be frustrating at times, trying to deal with finances from the other side of the world & don't really have anyone here in the UK that we would want to burden with our affairs should we need help.

EvannTel

Unless you have a substantial deposit, you may well find renting cheaper than buying.

Bermudashorts

But then won't you need to adapt so you are living on AUD earnings? Your UK funds won't last forever.


Will you have enough to buy a house outright? Renting is a better / cheaper option for many. I didn't think that 6 month leases were that hard to find.

I wouldn't dream of letting anyone else deal with my financial affairs either. Fortunately it is extremely simple to do from overseas.

wayward

yes we are fortunate to be in a position to buy a house outright in the area we are looking at, but it might not be much and may require a small mortgage to ensure we aren't living in a compleat shed!

If we can buy a house sooner rather than later, then we will only have to earn enough between us to survive, so wont matter so much if we both end up in low paid jobs.

From reading a few posts now relating to rentals, I was under the impression that a 12 month tenancy was more the norm. Is that not the case then?

Bermudashorts

OK. So if I had enough money to buy a house outright where I want to live then I might be tempted to think blow the exchange rate and just do it. But if I did this, I would have to vow not to track the exchange rate forever thereafter and beat myself up for not waiting should £ strengthen. DO you think you can do that?

I would also have to be pretty sure that Australia is where I want to be before I buy a house. That is another reason we are not rushing into anything.

I defintiely can see your dilemma, but as noone can see the future there is no right or wrong answer and even pros and cons are dependent upon future events.