aston man

ive got a turkish bank account that pays interest at 16%.if only i had the bottle to leave some money in there...

JenJen

Doesn't alot of it depend where you live in both the UK and Australia
I think to get more out of it when you move to Aus (and ok i know ya'll will tell me if i'm wrong) you need to get some £££ back from your house sale, and you need to be looking into living in an area that's not too posh we didn't even bother looking round Williamstown as viewing property on the internet and word of mouth from Aussie pals was unless you have loads of money don't go bother lol.
St Kilda again very expensive area, various coastal places on the east side seem expensive, west side seems very reasonable AT THE MOMENT -accepting that things can and do change. I just hope that it stay that way for when we get out there, we plan to rent to begin with and like most others on here don't want to pay alot each week for a house that 1) isn't ours and 2) isn't our dream place.
We would prob look to have a house built which would hopefully give us even more time to save up but the main thing is we'd have the money to buy a nice large plot of land outright.

Each to their own though we know some ppl who live out there who have been there for a good few years now and are happy just to rent.

Jen

Buzzy--Bee

For starters you won't get 6% here - best I can find right now is with ICICI at 5.45%, happy to be corrected.
You are also at the mercy of exchange rates, cost of moving money overseas every month, and also still liable for tax on the interest earned in the UK (unless you have TR). I think looking at your calculation though you may have already factored in tax.

I would personally move the 200k over to Oz, making about $500k, and use that to pay the landlord.



Buzzy

aston man

thanks buzzy..

aston

onepearlyb

Ok, can I ask a fairly tricky question here?
We'll have about £95k-£100k to transfer across to Oz when we move ( or leave it in an account here until we're ready to buy )
We'd love to be mortgage free in Oz but I can't see it happening with our first house purchase. So, from perusing the real estate websites I THINK that in order to buy what we want, we'd still need approx $100k-$150k of a mortgage in Oz. Can anyone give their personal opinion on whether that would be considered a "big mortgage" in oz or not?
Hubbies a business manager and I'm a nurse. I estimate we'd be on around $120k between us a year. ( maybe more ) We want to have a small mortgage so that we can fly back to the Uk when we want to for holidays.

*pearly*

JenJen

Personally have no experience of it whatsoever but hubbies prospective boss told him that a $200k mortgage is about average?
but check with this lot lol

Jen

hedgehog-girl

It all depends where you live. I live in Manly and I can't afford to rent a property like what I owned in the UK Here we live smaller smaller smaller with a bigger rent. We cannot afford to buy a house here and would have to move up north for that...

hedgehog-girl

That is a cheap mortgage!!!! Most people I know are looking at getting mortgages of $400,000 upwards (and they are nurses and manager (type) too!)

If all you need to spend is up to $150k then I would go for it when you get here.

BadgeIsBack

We went from a 1 bed flat in South London 40mins from London, (years away from gentrification) to a 3 bed on an acre in a proper village 50mins from Melbourne.

There's no comparison! I find it hard to believe sometimes. I think this is why we are happy with our lot. Already we are seeing the benefits, my walking daughter is toddling around on the deck all day in complete safety. There is no way she would have any space to do that in the UK unless you count a enclosed carpeted stairwell.

I think people have to be careful with expectations. Alot of the newer builds just get you a few more rooms you have to heat,cool and clean.

By the time you're sick of the weather, even the plasma and the pool table may not make up for it.

onepearlyb

Cheers guys,

that's brilliant news.

*pearly*

BadgeIsBack

I agree. Lower your expectatons. We bought a cheaper house and had a 150k mortgage. It's now 170k odd but that is still tiny really. But we got in earylish. To me, I would not try to chase some dream just so I could have a hefty mortgage.But it's harder and harder!

To the question : 120k income with a 150k mortgage is perfectly doable and millions would kill to be in that situation. It would be like living in the late 90s again(!)

Dorothy

Only $150k is considered a small mortgage. Most people are borrowing much more than that. In the range of $300 to $400k.

onepearlyb

We sold our gorgeous 5 bed victorian townhouse last month. Looking to just buy something in Oz that we can do work on over time/or not and to live comfortably rather than working to pay the mortgage. I want out of that vicious cycle so want to have a tiny mortgage and enjoy the rest of our well earned dosh when we get there.
I'm sure we could fall into the trap of buying the house of our dreams again out there but I'm determined not to this time.

*pearly*

JenJen

Oh poo so i better cross off the pool, jacuzzi, new jeep, indoor gym, boarding school for the kids, having my hair and nails done weekly and my own parking space in town

I sooooooo don't like the thought of more cleaning though, we have a 4 bed house which may be considered a good size in this country, it's piddly compared to some of the average 4 beds we saw out there in fact my friends 3 bed one storey was bigger lol. Oh well rough with the smooth and all that, just call me cinderelly i'll be the one with a mop and bucket in my hand all day and you'll know if you live near me cause there will be frequent screams of
SPIDER :scared:

LOLLLLLL

Jen

iPom

Jen, the larger houses tend to get lower wear in various areas, where a smaller house gets more wear in certain areas. The cleaning pretty much balances itself out. I have found that kids outside all the time helps keep it all under control!

In the mountains here, a big mortgage is for about $600K and one of $200 is cheap. We're looking at around 200 - 310... still reasonable, if we can get a damn house for that, that has what we want. If not, we're building.