KIRK AND CO Posted October 19, 2010 Share Posted October 19, 2010 Has this screwed up your dream or put it on hold. Quote Link to comment Share on other sites More sharing options...
matjones Posted October 19, 2010 Share Posted October 19, 2010 Has this screwed up your dream or put it on hold. Luckily I had done all my budget planning based on an AUD/USD ratio of 1 to 1, so it's not too much of a shock for me. Although, I would of course prefer a much more favorable exchange rate! Quote Link to comment Share on other sites More sharing options...
fleabo Posted October 19, 2010 Share Posted October 19, 2010 Has this screwed up your dream or put it on hold. Neither. Cheers. Quote Link to comment Share on other sites More sharing options...
Guest nigel50 Posted October 19, 2010 Share Posted October 19, 2010 With the prospect of much higher unemployment, inflation headed upwards in 2011 and more cutbacks to come there is little in the positive side of the equation to see how the rates will improve in the forseeable future. Best to plan ways of minimising your costs when arriving in Aus and trying to get onto local currency from earnings asap. $1.5 to £1 may well seem like the good times come next year!! Quote Link to comment Share on other sites More sharing options...
Peach Posted October 19, 2010 Share Posted October 19, 2010 I'm also in the neither group.. Quote Link to comment Share on other sites More sharing options...
Quinkla Posted October 20, 2010 Share Posted October 20, 2010 Neither for me too - although a stronger pound might have helped me more in dealing with setting up costs, negotiating a better starting salary and may still come to bite me in later years as my pension contributions to date are tied up in the UK and sterling. The pound has been devalued through quantitative easing so I don't think it is going to "recover" in the near future. Quote Link to comment Share on other sites More sharing options...
Guest Mark X Posted October 21, 2010 Share Posted October 21, 2010 Hopefully you won't let it put you off your dreams - the problem is if you decide to stay in the UK you'll have to slug it with budget cuts, high unemployment etc, at least when you get the Australia the economy is doing well. Quote Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted October 21, 2010 Share Posted October 21, 2010 We are down about $160,000 dollars and it IS playing a big factor on when, or if ever we emigrate, because we have just become mortgage free after 27 years of paying one and it will mean we have to get another one out in Australia. Hopefully the savage cuts imposed on the public yesterday will mean the uk gets its house in order, and the pound quickly soars above $2 dollars again............... but i won't hold my breath, the experts are saying that 500,000 public sector jobs are being axed along with 500,000 private sector job losses, so just how this is good for the country is beyond my understanding............... answers on the back of a stamp. BLOODY ANGRY THOUGH..............Useless bankers and politicians. Quote Link to comment Share on other sites More sharing options...
Guest chris955 Posted October 21, 2010 Share Posted October 21, 2010 Well for us it has rekindled the dream and made it achievable. Has this screwed up your dream or put it on hold. Quote Link to comment Share on other sites More sharing options...
Guest Stevebel Posted October 21, 2010 Share Posted October 21, 2010 Well for us it has rekindled the dream and made it achievable. I was just going to post a "how the hell does that work" type post, when I realised that your dream isn't the same as most people on this board Yes, it's definitely working in favour of people who are thinking of moving from Aus to the UK. In answer to the original question - yes, it's a big factor for me. I have savings, and the exchange rate now compared to when I first looked at the big move means I am close to A$150k down. Is it a deal-breaker? Maybe, maybe not. Has it given me pause for thought? Definitely. My missus and I are in the process of re-evaluating what, exactly, is so attractive about Australia that it's worth taking such a big financial hit. We'll continue with the process to keep our options open, but it's by no means a foregone conclusion that we'll exercise the privileges of the visa if the exchange rate is as poor when the visa is granted as it is now. The only people it can't affect at all are those with no savings, or those with so much money that 20-25% here or there gets lost in the noise. Or those who just haven't thought it through properly :twitcy: Quote Link to comment Share on other sites More sharing options...
Guest RobynAtPresentInLondon Posted October 21, 2010 Share Posted October 21, 2010 I am gritting my teeth and trying not to wish we had gone in 2008 - house price here would have been a bit higher and we are 'down' over 250000aud (dollar sign not working teach me to spill coffee on the keyboard!). However we didn't do it then and are going to do it now - may mean I don't go back to the area I grew up in but that might be a good thing, who knows. Quote Link to comment Share on other sites More sharing options...
the coyne family Posted October 21, 2010 Share Posted October 21, 2010 Yes it has made us think about things but we still want to give Australia a good go. We had our house valued about 4 months ago at €350000 had it redone yesterday at €325000 he also said we may not even get offers over €300000 so that will tell you how things are here in Ireland. Two years ago we would have got €500000+ And to add insult to injury its predicted to drop another 15% and stay down at that level for 2 years or so. I better get my finger out and sell or think about renting. One thing for sure i won't be buying in oz for at least 2 years I'll keep my money in Ireland till the rate improves only spending what we earn in oz. Quote Link to comment Share on other sites More sharing options...
B1K3R Posted October 21, 2010 Share Posted October 21, 2010 Has this screwed up your dream or put it on hold. Well, its a tough call. I guess it all depends on many things. How much will the loss hit you? Can you cope with the loss? How much do you want the new adventure? There is a cost for everything... The only people it can't affect at all are those with no savings... Thank God I fall into this category!!! :biglaugh: Quote Link to comment Share on other sites More sharing options...
Guest sanda Posted October 21, 2010 Share Posted October 21, 2010 Oh the exchange rate. I went from mortgage free being able to afford another child and stay at home to being worse off than in the UK. My last 2 years of working lots of overtime and not seeing much of my son was for nothing the greedy bankers and those who just write off there debts took my money! We had worked very hard to get in the postion to be able to have this dream, two years ago. By the time we got the VISA it had changed. Now of course my son will not be able to have a sister or brother (I'm getting to old) I have to work and we both have swapped good and secure jobs in the UK for no job yet for my husband and temping work up in the City with a long commute and less time with my son for me. Jobs are not easier to find in my experience people I have spoken with have said it has taken them 9 months up to 18 months to find work. Are we staying I said I would stick it out for at least 2 years. So I will. If we can get enough income to not have to exchange any more money up for the time being. Yes if I came two years ago I would have doubled my money and could return home (if I want) richer those people don't realise how lucky they are. Time is the only thing that set me apart from them. Now I have to rent when I have money sitting in a bank in the Isle of Man for a home. I can't even put up a picture in my sons room. Exchange my money now and if it goes back up I can't return back! Does it pay to work hard and save. No! Back to working hard for the rest of my life and losing those precious moments with my son. Oh did I say the cost of childcare! and the pre-schooling is non exsistant. Life is never as you hoped. Fingers crosssed all this life on hold will be worth it. Looking today at the exchange rate. I may as well face facts we are not getting an Australian home anytime soon. Unless we admit defeat! I'm not ready to throw the towel in yet but getting close to it. I'm having the summer at least! Quote Link to comment Share on other sites More sharing options...
Guest cantiki Posted October 22, 2010 Share Posted October 22, 2010 Sanda - I completely understand your position. We moved to South Australia nearly 18 months ago and have seen our savings evaporate under the glare of Quantitative Easing. About $150,000 down so far. Thanks to the greed of the banks and the perversity of Mervyn King they have within months taken what has taken 25 years of work to save. Honesty, integrity and effort have been shown to be utterly worthless. I believe in nothing anymore. Quote Link to comment Share on other sites More sharing options...
Sids Dad Posted October 22, 2010 Share Posted October 22, 2010 I was just going to post a "how the hell does that work" type post, when I realised that your dream isn't the same as most people on this board Yes, it's definitely working in favour of people who are thinking of moving from Aus to the UK. In answer to the original question - yes, it's a big factor for me. I have savings, and the exchange rate now compared to when I first looked at the big move means I am close to A$150k down. Is it a deal-breaker? Maybe, maybe not. Has it given me pause for thought? Definitely. My missus and I are in the process of re-evaluating what, exactly, is so attractive about Australia that it's worth taking such a big financial hit. We'll continue with the process to keep our options open, but it's by no means a foregone conclusion that we'll exercise the privileges of the visa if the exchange rate is as poor when the visa is granted as it is now. The only people it can't affect at all are those with no savings, or those with so much money that 20-25% here or there gets lost in the noise. Or those who just haven't thought it through properly :twitcy: One train of thought is to transfer your sterling asap and get it working hard here in Oz, I would have to guess and say that the pound will not recover significantly within the next two to three years so my thinking is to make up as much of the losses by either whacking it into a good Super fund or a high interest short term investment. I would love some brianiac to tell me what the gains and losses are but Hey Ho if you want to live in a fantastic place like Oz then no price is high enough and if you are having doubts then your wobble may affect how you settle here and you need to give it a long hard looking at. Whatever decision you make will be the right one though, ( sliding doors and all that). Quote Link to comment Share on other sites More sharing options...
Guest guest32776 Posted October 22, 2010 Share Posted October 22, 2010 One train of thought is to transfer your sterling asap and get it working hard here in Oz, I would have to guess and say that the pound will not recover significantly within the next two to three years so my thinking is to make up as much of the losses by either whacking it into a good Super fund or a high interest short term investment. I would love some brianiac to tell me what the gains and losses are but Hey Ho if you want to live in a fantastic place like Oz then no price is high enough and if you are having doubts then your wobble may affect how you settle here and you need to give it a long hard looking at.Whatever decision you make will be the right one though, ( sliding doors and all that). Quick figures: If you had 200,000 GBP and transferred it at 1.6 into AUD you would need it in a 7% interest account for 5 years without touching it to replace the difference between the average exchange rate of 2.2 and 1.6 - effectively clawing back the losses on the current weakness of the pound and bringing your cash back to an amount based on the long term average exchange rate. This isn't including the tax on the savings interest. Aussie shares are performing in line with the global markets so there is no point converting into dollars to put it in that - of course, quantitive easing actually boosts stock markets as there is more money around looking for the prospect of a return so buying high dividend 'blue chips' on dips in the UK can work well. :GEEK: Quote Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 22, 2010 Author Share Posted October 22, 2010 Oh the exchange rate. I went from mortgage free being able to afford another child and stay at home to being worse off than in the UK. My last 2 years of working lots of overtime and not seeing much of my son was for nothing the greedy bankers and those who just write off there debts took my money! We had worked very hard to get in the postion to be able to have this dream, two years ago. By the time we got the VISA it had changed. Now of course my son will not be able to have a sister or brother (I'm getting to old) I have to work and we both have swapped good and secure jobs in the UK for no job yet for my husband and temping work up in the City with a long commute and less time with my son for me. Jobs are not easier to find in my experience people I have spoken with have said it has taken them 9 months up to 18 months to find work. Are we staying I said I would stick it out for at least 2 years. So I will. If we can get enough income to not have to exchange any more money up for the time being. Yes if I came two years ago I would have doubled my money and could return home (if I want) richer those people don't realise how lucky they are. Time is the only thing that set me apart from them. Now I have to rent when I have money sitting in a bank in the Isle of Man for a home. I can't even put up a picture in my sons room. Exchange my money now and if it goes back up I can't return back! Does it pay to work hard and save. No! Back to working hard for the rest of my life and losing those precious moments with my son. Oh did I say the cost of childcare! and the pre-schooling is non exsistant. Life is never as you hoped. Fingers crosssed all this life on hold will be worth it. Looking today at the exchange rate. I may as well face facts we are not getting an Australian home anytime soon. Unless we admit defeat! I'm not ready to throw the towel in yet but getting close to it. I'm having the summer at least! This is one of the many reasons why I have perswaded my wife not to go at any cost but to wait & see. We have 4 years left on our visa. Quote Link to comment Share on other sites More sharing options...
fleabo Posted October 22, 2010 Share Posted October 22, 2010 Quick figures: If you had 200,000 GBP and transferred it at 1.6 into AUD you would need it in a 7% interest account for 5 years without touching it to replace the difference between the average exchange rate of 2.2 and 1.6 - effectively clawing back the losses on the current weakness of the pound and bringing your cash back to an amount based on the long term average exchange rate. This isn't including the tax on the savings interest. Aussie shares are performing in line with the global markets so there is no point converting into dollars to put it in that - of course, quantitive easing actually boosts stock markets as there is more money around looking for the prospect of a return so buying high dividend 'blue chips' on dips in the UK can work well. :GEEK: Quick observations: you will probably get 7% interest for the next 5 years in an Aussie account/term deposit but I am not so sure about the exchange rate 'recovering' to $2.2 in the same period. But that is the gamble. Quote Link to comment Share on other sites More sharing options...
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