Can I take my mortgage with me?

[Tom the Pom]

Sounds a silly question but can it be done?

I'm currently with Abbey who are part of the Santander group who are global - so are there is any issues I have to address???

Tom

[BullcreekBob]

Sounds a silly question but can it be done?

I'm currently with Abbey who are part of the Santander group who are global - so are there is any issues I have to address???

Tom

G'day

I've been on this forum for a while and before that on other migrant forums, and to be perfectly honest, you often see the same questions come up time after time after time.

However, your question is a completely new one on me and for that you've earned a packet of Tim Tams which I'll send you when you get here (if we both remember :( )

I'm fairly sure however, the answer to your question is No you can't bring your mortgage here. Even if your bank had a companion company or a banking relationship or any branches here, I seriously doubt it would be possible.

The list of banks. Autralian or overseas owned that are eligible to trade in Australia is here This page contains a List of Authorised Deposit-taking Institutions and you'll notice your bank is not there. There is some possibility they may let you have a UK mortgage for the purposes of "Overseas Investment" in Australia but that would a UK mortgage not an Aussie one and you'd have the possible problems of regular expensive currency conversions not to mention issues cause by fluctuations in trading or exchange rates.

Good question though.

[Tom the Pom]

Could I just go to Oz and carry on paying my mortgage in the UK via my internet banking?

Tom

[Curlysoo]

I think Tom that people misinterpreted your initial question ... coz my OH who is also an ozzie thought you meant could you physically TAKE the mortgage with you (muppet!) whereas I realised you meant you wanted to move to Oz but continue to pay your mortgage in Oz via your internet banking! ..Of course you can is the simple answer! .. there is no tax relief any longer on a UK mortgage so there is no reason why not .. in fact John did it the other way .. came to work here in the UK but carried on paying his mortgage in Oz in fact paid the whole thing off 18 years early! :v_SPIN:

Sue ...X

[Tom the Pom]

Cool!!!

That saves alot of trouble moving things round.

What are the intrest rates in Oz (just curious)

Tom

[Curlysoo]

Tom WHY are you asking what the interest rate is in OZ? your current mortgage would stay with your present Lender .... it is ONLY the location of where you are making payments that would alter!

Sue ...X

[Tom the Pom]

Tom WHY are you asking what the interest rate is in OZ? your current mortgage would stay with your present Lender .... it is ONLY the location of where you are making payments that would alter!

Sue ...X

That's why I'm asking

Are the intrest rates in Oz more or less than our own???

I might want to move the mortgage if it is worth doing due to intrest rates

Tom

[Curlysoo]

..my mistake ... you cant "move" a mortgage to the other side of the world .... it isnt a moveable item! ...You said originally you wanted to just make the payments from Oz!

The "debt" as such is in the UK ..... you would need a credit history to get any mortgage anywhere so the same would be needed in Oz, and probably permanent residency.

Interest rates are actualy higher in Oz at the moment ...so even IF you could .. it would cost you more!

Sue ...X