Moving equity from UK home to buy in Oz

Dear All,

Some advise needed in relation to selling our UK home and buying a family home in Oz. I am an Aussie returning home after 17 years in the UK. I own a family home here in UK (with a small mortgage) and am wishing to sell it in advance of our relocation. I plan to rent for 1 year in UK after the sale of our house in order to finalise my affairs, work contract and conclude the children's school year. Whilst renting in the meantime I would like to start the search for a family home and hopefully purchase ready to move into whilst we are still renting. I am hoping to be mortgage free in Oz and purchase a home outright with the equity from my existing home.

What is the best way transfer equity from Uk in order to buy in Australia, attracting the least amount of fees in the middle as possible? I am currently compiling a budget planner so I can predict my financial position in advance of marketing our house later this year (2017) in view of relocating in 2018.

I am assuming that I could put any equity into a holding account here in the Uk and transfer the required cash directly to the vendor when purchasing in Australia via transferwise or Moneycorp? So the only fees to purchase a home would relate to this transfer?

Thank you in advance.

It might be worth checking with your bank as to what rates they charge to transfer funds. First Direct is only £4 at the moment.

That said I think people such as Moneycorp or Halo are free over a certain amount transferred.

You can also ask them to only transfer if the rate hits a certain amount which would help in ensuring you get as many dollars as possible to help ensure your mortgage free dream.

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Look at the rate as well as the fees. That makes the biggest difference overall.

other fees will be stamp duty and solicitors fees obviously.

Does anyone know if we would qualify for the first time buyers stamps duty concessions? I have a principle family property in the UK but never purchased a property in Australia. Seems to be a grey area in my investigations.

Following

Does anyone know if we would qualify for the first time buyers stamps duty concessions? I have a principle family property in the UK but never purchased a property in Australia. Seems to be a grey area in my investigations.

Does anyone know if we would qualify for the first time buyers stamps duty concessions? I have a principle family property in the UK but never purchased a property in Australia. Seems to be a grey area in my investigations.

We received first time buyers concessions in WA and had owned property in the UK

Does anyone know if we would qualify for the first time buyers stamps duty concessions? I have a principle family property in the UK but never purchased a property in Australia. Seems to be a grey area in my investigations.

First home buying in Australia is just that - first home purchase in your name in Australia. However, the allowances have changed over the years - depending on where you're buying - ie which State and also if you're building vs buying. Look here http://www.firsthome.gov.au/

When transferring large amounts of money between countries open accounts with several forex companies (eg Moneycorp, Hifx etc) and when you are ready to transfer phone each one and get a quote for what exchange rate or how much they will give you in dollars for your money. Then see if the other companies can beat it. Don't worry too much about charges as these are unlikely to have a significant impact on the amount of dollars you will get.

We only opened an account with Moneycorp but were able to get them to give a better rate than the one they first quoted by simply asking for it. We were transferring somewhere in the region of $150k so a reasonably large sum. I would also transfer the amount to an Australian bank account before your purchase so you can time it to get the best rate rather than having to move at a particular time. We had to move ours in a hurry to buy a block of land and we ended up moving the money at a point when the exchange rate was terrible.

My first question would be why you are planning to sell (and rent) a year before emigrating. Firstly that is a year worth of rent you could save and secondly it adds another home move which, with children, must add to the stress a little.

Secondly, are you thinking of buying on arrival. We did but got lucky with timings and had anticipated renting here for at least 6 months while we house-searched. If you do this that is yet another temporary move.

We used Moneycorp. We were mortgage free in UK as we are here. It puts you in a great position as a buyer.

Dear All,

 

Some advise needed in relation to selling our UK home and buying a family home in Oz. I am an Aussie returning home after 17 years in the UK. I own a family home here in UK (with a small mortgage) and am wishing to sell it in advance of our relocation. I plan to rent for 1 year in UK after the sale of our house in order to finalise my affairs, work contract and conclude the children's school year. Whilst renting in the meantime I would like to start the search for a family home and hopefully purchase ready to move into whilst we are still renting. I am hoping to be mortgage free in Oz and purchase a home outright with the equity from my existing home.

 

What is the best way transfer equity from Uk in order to buy in Australia, attracting the least amount of fees in the middle as possible? I am currently compiling a budget planner so I can predict my financial position in advance of marketing our house later this year (2017) in view of relocating in 2018.

 

I am assuming that I could put any equity into a holding account here in the Uk and transfer the required cash directly to the vendor when purchasing in Australia via transferwise or Moneycorp? So the only fees to purchase a home would relate to this transfer?

 

Thank you in advance.

Happy to have a chat with you if needed (feel free to private message me).

Thanks

John