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Found 11 results

  1. Hi. Looking for some advice please. I am in the process of finalising our move to Sydney. I have HSBC's accounts in both the UK and in Australia and will need to transfer money back to the UK account regularly for mortgage etc. Is the best way to just transfer between the two accounts? I won't be charged a fee but will the exchange rates be the best? Or should I use another service? Have searched and search and have probably confused myself more so any advice would be greatly appreciated.
  2. Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom This post has been promoted to an article
  3. Aussiepom

    UK Buy to Let Mortgage Solution

    Hi All, I've been reading posts for many months now where people have struggled with the restrictions around providing UK buy-to-let mortgages to UK expats in Australia. Largely the difficulties arise because the mortgage provider is required to be regulated both in the UK and Australia, meaning they need a presence in both countries. This significantly limits the size of the market. Prices for these products quoted to me by brokers have been much higher than equivalent products provided to UK residents. Further the broker fees have been in the thousands, not hundreds. This might be a familiar story for some of you, or at least it will become thus in the not too distant future. The good news is that I've just had a really positive experience on this front. After speaking to many brokers and being provided with higher level interest rates and exorbitant broker fees, i was able to find a solution that was equivalent to what i would pay and receive in UK. I've just completed on the mortgage. The answer was that I engaged directly with HSBC UK. The only difficulty was the fact that I had to do it all myself without a broker. On the flip side it gave me access to exactly the same products UK residents receive. In doing so i'm saving a lot of money and have been able to secure a long term fixed rate mortgage so I can carry on out here in Australia and not have to deal with this headache again for quite some time. To the details. HSBC offer 2 avenues for mortgages to Ex pats in Australia: The first route is via an Ex Pat mortgage through HSBC Expat. This one was prohibitive for us as it requires a certain amount of capital (i believe it was £60k+, maybe more) to set up an HSBC offshore expat account. This might be appropriate for someone with money sat around. The second route is via a regular buy-to-let mortgage route. The website link is here: https://www.hsbc.co.uk/1/2/mortgages/buy-to-let-mortgages Please note the eligibility criteria. Critically you need to have lived in the house at some point since you bought it for at least 6 months - so this mortgage doesn't suit you if you are an overseas landlord looking to buy an investment buy-to-let. Also when we applied as an overseas landlord the minimum annual salary requirement (single or joint, depending on the application), was £75k - although i cannot find the requirement on their website anymore so perhaps things have changed since we started the process in January. They also say that the rent must be 145% of the mortgage repayments. I'm not sure whether this has changed since we started our application but they were only looking for 145% of the interest portion of our capital repayment mortgage when we applied. The whole process took about 8 weeks from start to finish and it was painful because of the speed of mail and general lack of competence of some of HSBC staff. Note that we had to get some documents notarised here in Australia which cost about $150. The only document that we actually had to send by post was the signed mortgage deed. Everything else we were able to scan and send. We had our managing agent for the UK property issue the current tenancy agreement directly to the conveyancing company which was acceptable. This was a welcome relief to us, we are able to save at least £200 a month on what the brokers were quoting with this HSBC product, which over the long term is a really meaningful saving. I'd be more than happy to answer any questions or provide additional feedback on the process if anyone's interested. Cheers, The Ozzie Pom
  4. SussexBear

    HSBC account

    I know this has been asked before, but could someone who has opened one of these accounts tell me how easy/hard it was and do you get debit cards etc straight away? Also has anyone with a citibank credt card transferred it to use as a UK account? I have looked on thier site and it's not very clear :cute:
  5. Just deciding which bank account to open in Australia...we've currently got HSBC accounts in the UK, credit cards and savings and also (until recently) held a HSBC mortgage. Is it worth us paying the fee (£50 for advance customers) to open an australian HSBC account? Will our credit rating stay with us ? Just wondered if anyone else had done it and found it worthwhile...does it make it easier to get a mortgage in Oz? Don't want to pay £50 when I can open a NAB account for free! Any advice much appreciated. Cheers :unsure:
  6. Title says it all really, we're just moving accounts from Lloyds TSB Premier to HSBC, seems to be a very seemless way of moving from one country to another without some of the Australian account pitfalls, and no problems with a credit history as it travels with you. Be good to hear if anyone else has experienced them. Kind regards, Andy. :nah:
  7. 3go2Perth

    HSBC Premier customers

    Just wanted to give you guys the benefit of our painfully learned lessons in the ways of Aussie banking, and HSBC Premier in particular. We had had the chance a few weeks before we flew out to set up the Aussie bank accounts in Perth, but we were told that there wouldn't be much point in doing this, as we didn't have sufficient time to get the bank cards to us before we left. And besides we would just be able to walk in with our passports & UK HSBC premier cards & it would all be set up immediately. We were told that straight away we'd be able to use the internet banking to easier move £ from our UK accounts to $ in our Aussie ones (instantly). I don't think it is the fault of the HSBC peeps in the UK.. I just thing they are unaware that, in spite of being such a laid back nation, the Aussies do love a bit of complicated paperwork! After going in to the branch to open our accounts, we had to wait for for about 5 days to get our account numbers. Then we had to wait for the cards to be sent, and these had to go to the branch to be picked up. Once you have these in your hand you have to complete a form & after this has been processed (with a 3 day wait) you can then use the cards. You have to wait to get a user name thing for internet banking sent to you. They write to tell you to use this with the PIN you'll have been sent (wrong – it's also waiting at the branch, though no-one will tell you this is where it is, and you will wait in vain). Once you have begun the logon process onto the Aussie HSBC Online banking system THEN they will order you a secure ID card to use with the system. This takes 10 days. Once you have that you should be up & running. In the meantime you will be told that they have to do a normal payment to get money over (as if you are paying a 3rd party) and it takes 4 days. However, you can ask for an 'Emergency Encashment' which means money goes from your UK account to the branch's own holding account. It's usually used to give people money over the counter, but I used it to put cash into my Aussie account & to get bank cheques to pay for car & bond for the house. We have also been told that, despite having sufficient money in the bank, and Premier status, we can't have an Aussie HSBC credit card until we can show payslips. So make sure your UK ones are not due to expire! To be fair to HSBC, they have been good with car insurance quotes, though I suspect that this is because commission might be involved By the time we are finally sorted it will have taken over 3 weeks to get to the point we had expected to get to in a couple of days. Be warned! Or better yet, get your Premier Relationship Manager in the UK to help you to get everything set up from the UK and at least everything will be waiting for you to collect when you arrive. Hope this helps J
  8. Guest

    Hsbc uk - hsbc oz?

    Sorry if this has been posted before but my OH has an UK HSBC account and I wondered whether getting them to set up and transfer money into one in oz is cost effective? We were thinking of opening up a Bankwest account and asking HiFX to transfer a couple of grand as they do this for no fee and the exchange rates are pretty good. Anyone done HSBC and have any info? We need a simple account for wages to be paid into and drawn out of without charges! Thanx guys!
  9. SAVTA

    Money transfers hsbc

    For those of you who have susbtanial funds and wondering how to transfer them over to Oz as and when required - this information may be of assistance. We specifically opened an HSBC account before leaving the UK as we knew there was a branch in Melbourne. Now I am able to transfer funds IMMEDIATELY ON LINE from the UK to AUS (or other countries). It is a very simple process and BEFORE transmitting you will be given the rate of exchange from Sterling to $ - so you can always cancel if rate not suitable. The funds will go directly into your Australian HSBC account. The only criterea is that you will have to be a premier customer! I am finding this facility extremely useful especially with the fluctuating currency. Hope I have been able to assist
  10. Guest

    HSBC??? or not?

    I hate faffing with finances...!!! it makes my head hurt, I can never decide which way to jump. My dilemma, this time, is whether or not to use HSBC in Oz. I have banked with them over here for yonks and have a load of different accounts with them. They have recommended that I set up an account with them over there. They say this will make transferring money cheaper and I will take my 'credit footprint' - whatever that is - with me becuase I am a 'trusted and valued client'. I'm just unsure how true this statement is and if they really are a presence over there - I don't want to end up with a three day commute for a meeting with the bank. Am I right in thinking that you need to go into 'your' bank and, unlike here, you can't jsut pop into any branch? Any advice from errr.... anyone would be really appreciated. Also... are they competitive in terms of their fees and interst rates etc? HAzel
  11. Guest

    HSBC & Credit Scoring

    Hi All, bit late in the day to be asking about this perhaps, we will be joining all those who have made the move to Brisbane, 18 days and counting. Anyway back to my question, we have an account already set up with Westpak, only transfered the bare min. just to keep the account live & running, for this pleasure we do get charged per month, which I think is the norm in Oz with most banks, we visited HSBC this week, to enquire setting up with them as they have no charges (or so she told us) but they did want to charge us £100, this £100 is for our credit history to be transfered to Oz, has anyone else come up against this, we knew we would have to build the credit history up again, has anyone found it hard work to rent / buy cars and houses etc, or has anyone paid to have there credit history taken over there and found this to make a significant difference. :wacko:
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