cammy

Has anyone emigrated to Oz as a student? My family and i are hoping to go in June. We have quite a bit of equity - £250,000. We have 2 primary school aged children. As we can only work 20 hours a week we are wondering if we are going to be financially ok. As i will be a student for 2 years i understand that i will have to pay for everything.
Please has anyone got any advice?

goldchoccycoin

Well, if you bring the 250,000 quid over as cash (and I assume you won't really want to touch the capital so you can eventually buy a property) that would be about $540,000, which would return about $37,000 per year (6.75% current savings rate - www.ingdirect.com.au) before tax. So, if you managed to work the 20 hours and were strcit with your spending I think it's do-able!

Rent will be about $250-450 per week for a 3bed - depending where you live, groceries will probably be about $200 per week for the whole family (I'm not sure I'm a single). You might have to pay school fees for the 2 kids - depends which state you live in.

Hope this helps a bit.

Good luck.