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Moving Money In / Out Of Oz

Moving Money In / Out Of Oz

Old Oct 15th 2006, 9:47 pm
  #1  
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Cool Moving Money In / Out Of Oz

Hey Guys,

Does anyone have any knowledge of any Ozzy rules where moving money in and out of the country is concerned? Basically we have decided to sell our property and anticipate to have around 30k in profit.

Firstly should this money even be taken to Oz or should we leave this in an account in the UK? We've decided to sell (even though we might make more profit if we rent) as we're worried about the house being trashed, the unreliability of tennants etc. Plus we were going to sell it if/when we returned anyway so instead of having to do it up to sell (after the tennants are finished) we can sell it now and not worry about the mortgage. Plus, as Buster Boy said, it's probably easier not to have ties in UK.

Secondly, bearing in mind we were planning to rent for the first year, would this money be better spent investing in a property in Oz i.e. buying instead of renting and selling up if we came back. At this point, does anyone know of any limitation with taking the profit made on a property back out of Oz - if need be?

Finally what are the rules on obtaining a mortgage in Oz? Note: We have a permanent residency visa, granted for 5 years. Can we get a mortgage if we don't have an Aussie Credit history? How have you guys bought out there? We've never been to Oz so might buy and sell again within a year. We're probably going to be in Brisbane.

As always many thanks for any advice you can provide.

PS. Matt has for once been allowed to type the post But not without some interception - Here's one for the guys! WooHoo!
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Old Oct 15th 2006, 10:43 pm
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Default Re: Moving Money In / Out Of Oz

Originally Posted by Mochinbach
Hey Guys,

Does anyone have any knowledge of any Ozzy rules where moving money in and out of the country is concerned? Basically we have decided to sell our property and anticipate to have around 30k in profit.

Firstly should this money even be taken to Oz or should we leave this in an account in the UK?
There are no restrictions on the transfer of capital into or out of Australia.

You may be liable for capital gains tax in the UK or Australia, depending on where you currently live.
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Old Oct 15th 2006, 10:45 pm
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Default Re: Moving Money In / Out Of Oz

Originally Posted by Mochinbach
We've never been to Oz so might buy and sell again within a year.
Buying and selling in a year is a good way to lose money. Why not rent until you are settled?
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Old Oct 15th 2006, 11:20 pm
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Default Re: Moving Money In / Out Of Oz

Originally Posted by JAJ
Buying and selling in a year is a good way to lose money. Why not rent until you are settled?
Are houses going down in price then??
Thanks for the advice It's all very confusing.
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Old Oct 16th 2006, 12:16 am
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Default Re: Moving Money In / Out Of Oz

Originally Posted by Mochinbach
Are houses going down in price then??
Thanks for the advice It's all very confusing.
Even if house stays the same in price, think about the cost of buying and selling. Not cheap.

And how can you know which houses are well priced without knowing the area?
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