hawthorne

I've had advice that exchange rate changes have an impact too - the capital gain is the gain on the AUD-denominated value of the property...

Hi Its 80s for everyone I'm afraid if our recent experience is to go by. Good luck

Yes I think the answer is to get a mortgage broker when we get out there and get the market overview...

Hi Wokos, hi Calngary We're slightly ahead of you and due to fly to the Gold Coast early September. We're packing up the house at the moment and should be booking flights today... four weeks of goodbyes to go... The whole emotional side of the move is a kaleidoscope - thank goodness for filtering and denial! My dominant thought at the moment is "Well, it's too late to change direction now - it's happening whether we like it or not!" But mostly we like it... By the way, Cal, apropos our earlier conversation, we have decided to rent for the first 6 months and are tending towards acreage rather than waterfront and thinking of Tallai/ Mudgeeraba as the first focus for looking when we get out... Good luck all Hawthorne

Thanks Rupert, interesting point... it's not the end of the world, I was just surprised - take your point about us being high risk after all, I hadn't thought of it like that but not an expert in the field by any means. On the asset/liability, income/expense matching principle, how would you view that as it applies to moving (non-house equity) cash? Take a scenario where someone has made allowance for the cost of moving etc and is in the fortunate position of having a fairly substantial savings balance. If they move it all over they could put down (say) a 30% deposit on a house purchase in Australia. Is this better than only putting down a 10% or 20% deposit and using the remainder to pay down the mortgage in the UK? Is there a significant difference in the interest rate you can get by putting down a larger deposit, for example? I've done some spreadsheets on this looking at cash values but am new to trying to factor in the cross-currency stuff and don't have any in depth knowledge of the Australian mortgage market so any thoughts appreciated. I realise that individual circumstances are paramount at any level of detail but curious if you have any general comments... Very best H

Hi Thanks for the replies - Rupert - so it seems, just wasn't anticipated... G'bye... we didn't need the equity to fund the move, the thought was rather that the combination of lower interest rates in UK plus strengthening pound would mean it was efficient to maximise equity release from UK house to minimise mortgage in Australia. Of course, there is the chance that the interest rates could cross the other way depending on events! Thanks again H

Hi all Well, our visa grant came through this morning so what a relief. We lodged May 1st at the same time as our sponsor, then had employer approved and case officer assigned on the same day on May 31st. Some shenanigans (on our side) over medicals but final paperwork in on July 5th. For the record, we have found DIAC to be efficient, responsive and courteous and the whole process was much better than we had feared. Good luck all Hawthorne

Hi For the ENS 186 you have to make a true declaration that you intend to work for your sponsor for two years, so I think seeking a move immediately could be grounds to invalidate it. Don't know in practice the likelihood but it is there...

Hi all Very final paperwork (medicals) submitted July 5th, since then our CO has not replied to our two gentle emails asking if there is anything further required or if he can give any idea about finalisation. Going into fourth week - others seem to have got final answers more quickly... Is there any reason to be concerned do you think? Best Hawthorne

Hi all I had a call with John Charcol brokers on Friday who said there was no-one in the market who will consider refinancing our UK house to release equity for the move to Australia. Our existing lenders have said they will let us carry on for a steep fee with no increase in interest rates but won't release equity. Reason was that few wanted to lend to people who would be expats, and we 'only' have two years accounts as directors of our company (though we are a successful business and have no adverse credit events)... Other brokers have said they can arrange things but only if we supply a UK address and when pushed on the legitimacy of the fact we will be living abroad say 'it will be fine if you keep up repayments'... I don't want to enter a contract that depends on us not disclosing material facts... I've been very surprised by how tight the mortgage market seems to be as I would consider us low risk. Is this other people's experience or any suggestions of other places to try? Thanks for any thoughts. Hawthorne

Hi Many thanks for the reply, Rupert - I think this will be our situation... we pay very low interest on our mortgage so most of the rent we get will not be deductible - I'll be in the higher bracket in Australia but spouse will probably study and the house has always been in both names so this will help a bit. We haven't found anyone who will remortgage for expats - got a call from mortgage broker on Friday who said there was no-one who would lend... Thanks again Hawthorne

Hi Alan Regarding your answer above about personal allowances, does this mean that rental income (after expenses) on a UK house that is below the UK personal allowance threshold is not liable to UK income tax but is still liable for taxation in Australia? And if the house is owned 50/50 between spouses, can they apportion the income 50/50 for the purposes of Australian tax? Thanks Hawthorne

Hey Nolive - congratulations! What was the 'other forum' your timeline data is from?

Thanks Joanna, it has only been a week for us so far so if we get the same result you did that would be great for us. Mjwest, is yours ENS 186?

Hi all We seem to have a good CO who has said that once the last medical was done they would 'move to finalise' the application. We have a set of deadlines looming regarding the house sale and contract start that are starting to feel a bit scary... So, what are people's experiences of how long it took after the last medicals and police checks are in after being requested by CO? Our application is an ENS 186 direct access visa but interested in anyone's experience. Thanks Hawthorne