Where did your Bond money come from ?
Jan 10th 2005, 7:42 pm
#1
Forum Regular
Thread Starter
Joined: May 2004
Location: Melbourne
Posts: 71
Where did your Bond money come from ?
Hi all , i'm a little away from Bond requests at this moment however i was wondering where people got the Bond money from ? I hoping to have sold our house to raise the funds however what other solutions have others used ? Does anyone know the finance involved in borrowing the money for 1 year then paying it back with the interest that has built up in the Oz bank account ?
Thanks for any suggestions ,
Jim
Thanks for any suggestions ,
Jim
Jan 10th 2005, 8:48 pm
#2
ah-beng
Joined: Aug 2004
Location: ^.^
Posts: 3,113
Re: Where did your Bond money come from ?
There dont seem to be any clever options...
You do get 40 days to lodge it with DIMIA after they ask for it. So you'll get time to panic at least.
You can borrow it in UK on personal loans, etc, 40k is a fair whack to get hold of , so might want to start htinking about it now - Im not sure how the credit checks work, wether its better to whack them with 3 x 15K loans at once or trickle to raise new loans over a few months...
Cahoot do a good flexible loan but its high interest 9%+ , up to 15/20k you draw down and replace as yo uneed it, bit like a massive overdraft.
Interest rate wise Im not sure what the Aussies pay but from memory it was 5 or 6%. UK loans will be 6-10% if youre lucky. But the big worry is the exchange rate - as you can see on HIFX oranywhere else it fluctuates +/- 3K on a 40k sum over any given 6 week or 6 month period let alone 12 mths.
The extending the mortgage will be the cheapest money you'll get , but beware of clauses that stop you closign your mortgage account within X days of extending it ( might stop you completing a house sale if lucky enough to get on ein that X days) . And watch out for tieing yourself into a mortgage deal that has expensive repayment on cancellation.
You do get 40 days to lodge it with DIMIA after they ask for it. So you'll get time to panic at least.
You can borrow it in UK on personal loans, etc, 40k is a fair whack to get hold of , so might want to start htinking about it now - Im not sure how the credit checks work, wether its better to whack them with 3 x 15K loans at once or trickle to raise new loans over a few months...
Cahoot do a good flexible loan but its high interest 9%+ , up to 15/20k you draw down and replace as yo uneed it, bit like a massive overdraft.
Interest rate wise Im not sure what the Aussies pay but from memory it was 5 or 6%. UK loans will be 6-10% if youre lucky. But the big worry is the exchange rate - as you can see on HIFX oranywhere else it fluctuates +/- 3K on a 40k sum over any given 6 week or 6 month period let alone 12 mths.
The extending the mortgage will be the cheapest money you'll get , but beware of clauses that stop you closign your mortgage account within X days of extending it ( might stop you completing a house sale if lucky enough to get on ein that X days) . And watch out for tieing yourself into a mortgage deal that has expensive repayment on cancellation.
Jan 11th 2005, 5:20 am
#3
vivi
Joined: Sep 2004
Location: Eudlo
Posts: 380
Re: Where did your Bond money come from ?
Originally Posted by mutang
Hi all , i'm a little away from Bond requests at this moment however i was wondering where people got the Bond money from ? I hoping to have sold our house to raise the funds however what other solutions have others used ? Does anyone know the finance involved in borrowing the money for 1 year then paying it back with the interest that has built up in the Oz bank account ?
Thanks for any suggestions ,
Jim
Thanks for any suggestions ,
Jim
ViVi
Jan 11th 2005, 9:38 am
#4
BE Forum Addict
Joined: Nov 2003
Location: Lower Chittering, Perth
Posts: 4,646
Re: Where did your Bond money come from ?
many of us sold our houses many months prior to the bond being requested and moved into grotty 
rental accommodation.
The other alternative is to release the equity in your house now, (if you have a house that is!!) I know the Halifax do this.
All the best
rental accommodation.The other alternative is to release the equity in your house now, (if you have a house that is!!) I know the Halifax do this.
All the best
Jan 11th 2005, 10:58 am
#5
BE Forum Addict
Joined: Aug 2004
Location: From Sidcup to Elanora...Sunny GC! 20/08/05
Posts: 2,075
Re: Where did your Bond money come from ?
Hiya
Hoping to get the cash from the sale of our house if it all goes through in time
if not gonna get the extra cash on our mortgage
All the best
Sue
Hoping to get the cash from the sale of our house if it all goes through in time
if not gonna get the extra cash on our mortgage All the best
Sue
