swallowbride

hi all,just after some opinions on saving.we have just submitted our forms to the DIAC.told by our agent it will take between 6-9 months for a answer.we passed the TRA so hopefully we will get PR.We are thinking of renting our house when we move for two years to avoid paying back discount to council who we bought it from. we will take out as much equity as possible to take with us.what we"re thinking of doing is to move out now and rent it out.it would mean us living with each others in laws for a while but we could then save even more money to take.at the moment saving money is easier said than done with five plus cat.do you think moving out is jumping the gun a bit or a gamble worth taking?would like to hear if anyone else is doing this or has done it
thanks for your help, us lot

breezeboylan

We did it, only we went one step further and sold the house! We sold the house and went to live in MIL's pub 6 months before we came over here. It meant we had no mortgage and MIL would not take rent so it gave us a chance to safe. It was a great feeling I must admit, no rent and mortgage free for a while. Might not be for everone but it worked for us.
Tracie

swallowbride

thanks tracie.that has made me feel better about it.did you ship anything over with you if so where did you store it before you went.
us lot

breezeboylan

No, we didn't bring our furniture we bought all new over here. We just shipped a few boxes with important/sentimental stuff.
Tracie

swallowbride

thanks again tracie.did you have your visa before you sold house or just gambled you would get it.as i said before we got to wait 6months at least for an answer.so bit of a risk.we may just rent house out for 6 mnt untill we know for sure
us again

benlast

We're kinda sorta doing something like that. We're renting our house (nice 4-bed detached in prime Cheshire location etc. etc.) and moving into a 2-bed apartment half a mile or so away. Renting out looks like it'll be essentially "revenue neutral" (i.e., the incomings will balance all the outgoings including mortgage and maintenance), but the lower rent on the apartment will save us several hundred per month whilst we await the visa. Plus it makes us do all the furniture disposal now rather than waiting until just before we ship everything...

Worth bearing in mind that when renting whilst you're out of the UK, you can avoid paying tax on the income. Whilst you're still in the UK and earning, you pay tax, so take that into account when you do your sums.

Cheers
Ben

swallowbride

good to hear someone else doing it too!another thing about the tax is i think we may be liable in oz too because were not going to sell our house for 2 years.this means it classed as investment!when we do sell we may have to pay tax on it not 100% sure how it works in oz. anyone able to answer
many thanks.
us five