Swooty

In October 2010 we had to move back to the UK for family reasons (after 3 years living in Brisbane), we sold our house and brought our money back with us.

We are now hoping to go back in two years time, but with the housing market here in the UK so bad have decided to rent. It makes sense to send the money back to our Oz account and leave it there till we move back, is this allowed ?

I understand that I will pay 10% tax on the interest I earn in Oz, but dont want anything nasty to hit us as it works out at about $400 K savings.

Any advice would be greatly appreciated
Swooty

bingobob777

don't use Moneycorp, seriously their website is absolutely funkin useless.

headache after headache, no answers anywhere.

Stay clear

Swooty

I have used Ozforex before, they have always been good, but open to any other suggestions.

scrubbedexpat055

We have used Hifx a number of times without any issue, however I think the main question you need to answer is where you would put the money, once you have transferred it.

I will watch with interest

Seriously though, it will depend a little on how sure you are of your timeline. If the 2 years is fixed, then that may help......if it is somewhere between now and 2 years, then you will need to keep your savings fairly liqud. No point getting back to Oz and finding your money is locked away in a bond.

What about just buying a property back in Brisbane and renting it out?

Peter

Swooty

Yes thought about buying a house, but I think the interest I get over two years on $400K will be more than house prices will go up ?

But its an option

spuddyo

With the exchange rate as it is right now, you should consider leaving your money in the UK and hope that the rate improves.

Fluid36

Don't send your money back to Aus now, wait until you leave in 2 years, the exchange rate will most likely be MUCH better then, more than enough to offset any interest rate gains.