man777

any one doing this.

Bermudashorts

I used savings to pay the mortgage the first month and since then I have had tenants in so it is paid by rental income, the rent is not quite enough though. From time to time we expect we will transfer some money back and we will use Ozforex when we do.

man777

Thanks B,

In the current scenario banks are asking fortunes to convert from residence mortage to consent to lease, so have put up my house for sale, planning to move to Sydney in december if visa is granted in the next couple of weeks, so if house is sold fine otherwise will keep paying for mortgage untill it is sold.
I was thinking to have a bank account which allows money transfer at your convenieince online and hope there are few which allow this, I have Halifax BOS account in the UK.
Cheers

Pollyana

Done it for years, not for the mortagage but for other regular bills.

Have a look at www.tranzfers.com - $15 per transfer and takes about 3 days, possibly the cheapest and easisst way.

Bermudashorts

Transfering money with Ozforex is very convenient and all done online, you just set up the uk account as a payee, do the trade and then go and settle up with ozforex which I also do online as I have online banking. I believe that transferz that Pollyanna mentions is good for smaller amounts of money, in fact I might look at that myself later.

Anyway, selling your house when you are coming on a temporary visa? You are not emmigrating, you are moving temporarily. Could you tell your bank this and see if they will let you stay on the mortgage you are on? My bank does not allow letting mortgages and I was not only concerned about the fee but also I have a cracking interest rate tracking the base rate and didn't want to lose that, especially if we hated it here and decided to come back. So I spoke to the bank and they agreed I could stay as I was whilst it was a temporary move (for 2 years). Although we are PR, we came here on the understanding we go back if either of us doesn't like it, thus I am calling it a temporary move!

man777

Thanks, in fact i asked hbos if i can rent for temporary period but they didn't allow renting on our mortgage, changing to consent to lease will be out of question as not only monthly payment will incease we will also have risk with tenants, so just decided to keep paying current mortgage till it is sold. If not, so far we think the move is temporary but afetr seeing experiences of other people, I suspect it might be a permanent... will see after two years there.

Rod-Helen-Poppy

we got consesnt to let off our mortgage providers - the mortgage payment never increased at all.

we may have been lucky i suppose.

we also banked with the HSBC in the uk and opened an account with them whilst in the uk for over here - free transfers and a whole host of other things too

corfu

.

Hi there

We are due out in Sydney this December on 457 visas for 4 years. We have decided to rent, because we see it as temporary and certainly do not want to burn any bridges here and have the security of a home to come back to.

Our mortgage is with HSBC, they do not do letting mortgages, but asked them what the possibility of keeping the residential mortgage was. A few weeks ago they said it was fine in principle but couldn't put anything in writing until I had a tenant confirmed, we have an application going through at the moment, which we will accept.

However, HSBC said it would have to be agreed on a 12 monthly basis. The tenant we may accept wants the property long-term and has been renting with the same estate agent for 8 years and has a good record. The estate agent will do a fully managed rental service and we also have a close relative here to act as third party in our absence.

There is of course a risk with any tenant but you can take out landlord's insurance which will cover you if your tenant defaults on payments.

So, if you can find a way of renting at least part of your mortgage will be paid and you won't have to bear the brunt of the whole mortgage when you are in Sydney. Financially we couldn't cover mortgage here and rent in Sydney, but your circumstances may differ.

Best of luck
Corfu

ozzieeagle

Pennytel, yes the voip phone company, also do transfers. @ 8 dollars per transfer.

http://www.pennytel.com.au/Internati...view.aspx.aspx

man777

Thanks and that is really agood customer care from hsbc, hbos is not very helpful in our case with similar situation...

saintstu

Co-Op have done the same for me. I'm due out to Perth by the end of the year, hopefully. Waiting on the 457 at the moment.

I'm going to rent it out via the local council. They find a tenant (that I can meet and accept/reject) and then pay the deposit, guarantee the rent and pay 2 months at the end of the contract to re-paint/repair the property. They also give the tenant money to buy goods for the house, so hopefully I can offload any unwanted furniture/white goods.

If anyone's interested, just contact your local council's housing services department.

Thanks,

Stu

DerekM

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Thats very good, I just transferred some Euro's and had to pay 40 bucks via Western Union! All because I could not get the correct IBAN from my receiver. And even then if I had been able to use the banks EFTPOS system it would have cost more than the above. Mental note to try them the next time. Larger amounts I would use Ozforex or HFX.