As most of you will already be a aware the Aussie Doller is at it's strongest against the Pound. (Currently $2.05 - £1) This is the worst news for all of us trying to sell our houses that are losing value every week and hoping to get the most of our money when we exchange.
Definetley the wrong time to move money wise you lose on your house then on exchange rate the only way around it is to rent your house for a few years for the price to recover and the economy to pick up so the exchange rate improves which unfortunetly wont happen in the time it takes to get our visa but not everyone can afford to do this a way of getting a cheaper mortgage to rent is to change the term back to 25 years and change it to interest only if any one else has any tips would love to hear them.
I'd be interested in interest only , but how does it work? Are the lenders usually willing to do this, if so for how long?
Would it be in our favour to tell them we're emigrating and house is on market, or should we just say we're experiencing a bit of financial difficulty?
Sheena
__________________ Tony & Sheena, Alannah (14), Emily (10), Connor and Aaron (4) 176 Visa applied 27/03/08 GRANTED 16/09/08
I would be honest with them dont forget they have a legal right to your property until its paid of.
the interest only option means your only pay interest on your mortgage when your mortgage term is up its up to you to find the finance to settle your debt but you just sell your house before that date
ie you extend your mortgage to another 25 years pay interest only then in 25 years you have to find the amount you owe but if you are living in oz you will have sold your house by then in the mean time you rent it which might cover your payments
what i mean is america is on verge of recession and house prices have tumbled, now the uk house prices are going the same way....................is australia next?, i hope so as im hoping to get in on the next cycle down.
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Stacy ,Jay, Joe (3) and Summer (2):jiggy:
Hi guys, i live in brisbane (emigrated nearly 3yrs ago), house prices have slowed down here, apart from a few doom and gloom stories nobody is anticipating a down turn or the recession to hit oz as hard as at has in US, if it hits at all. In terms of house size you can definetly get more for your money here - but it really depends where you want to live, closer to city or beach the more expensive it gets. Dont let finances put you off though - you may not have the financial advantage that were available over the last five years but its still a fantastic lifestyle.
I bit the bullet yesterday and changed 50% of funds at 2.05, just in case things worsen, especially after seeing 2.03! I need all my money here in the next few months!
Very tough.
