cazmayo Posted August 13, 2012 Share Posted August 13, 2012 Oh Lord, just looking at the exchange rate €1 - $1.15. At the beginning of this process we could get $2 for the euro, then last year it was about $1.45, now this. Its making the whole move questionable at this time. A combination of poor exchange rate, poor housing market here in Ireland (house prices have fallen 50%) and expensive housing in Oz. I really want to move to Oz as I have lived there before, but the above does disheartened me. kind regards Cazmayo Link to comment Share on other sites More sharing options...
Petals Posted August 13, 2012 Share Posted August 13, 2012 Sorry you are on the wrong side of it, for us its great, imports are cheap. Holidays overseas are also cheap. Cannot see much changing in the near future. Housing is expensive because of demand here, we are sucking in so many people from all over the world. Link to comment Share on other sites More sharing options...
cazmayo Posted August 14, 2012 Author Share Posted August 14, 2012 Hi Petals, Yes for ye coming over here its good for holidays and imports. When I moved to Oz before, I was single with no property, so all this didnt mean much to me, packed the backpack and off!! My mortgage in Ireland is 230,000 and a 4 bed house in Perth would be 400,000-500,000, with the exchange rate the way it is, thats doubling my mortgage YIKES!! I guess I will have to think in dollars in regards to the affordability of a mortgage, e.g. what our wages would be. But in regards to moving, selling our house - its tough at the min. There are several factors eroding any equity. I have been ruled with my heart til now - I just want to move to Perth!! Will have to get some professional advice, re: renting out our house. Cheers Cazmayo Link to comment Share on other sites More sharing options...
bigbadcon Posted August 26, 2012 Share Posted August 26, 2012 Hi Petals, Yes for ye coming over here its good for holidays and imports. When I moved to Oz before, I was single with no property, so all this didnt mean much to me, packed the backpack and off!! My mortgage in Ireland is 230,000 and a 4 bed house in Perth would be 400,000-500,000, with the exchange rate the way it is, thats doubling my mortgage YIKES!! I guess I will have to think in dollars in regards to the affordability of a mortgage, e.g. what our wages would be. But in regards to moving, selling our house - its tough at the min. There are several factors eroding any equity. I have been ruled with my heart til now - I just want to move to Perth!! Will have to get some professional advice, re: renting out our house. Cheers Cazmayo Hi Cazmayo, We're in the same situation as yourself so have decided to rent the house out while we give australia a shot. We have a mortgage of around 230k left for our house in dublin. I think the rental income will cover the mortgage so it shouldnt be too bad. I know the exchange rate is terrible at the moment so if you can try and only bring over what you need and leave the rest here and only transfer it over if you are stuck. I suppose when you start earning in dollars if you want to then start paying off your mortgage of your house at home your dollars will go further against the euro back home.. Link to comment Share on other sites More sharing options...
Murta Posted August 26, 2012 Share Posted August 26, 2012 Same here guys. Just madness the exchange rate for moving. But we are the same, finding it so hard to fathom how we are getting to get there with the strings atahced here. Negative equity is monopoly money figures for us. Renting is such a no go for us we want to be free as possible. Scary times Link to comment Share on other sites More sharing options...
cazmayo Posted August 27, 2012 Author Share Posted August 27, 2012 Hi Bigbadcon, Yes once your earning and thinking in dollars, it wont seem so bad. If sending home money, the exchange rate is good!! I have a friend working in the mines in Queensland, her and the hubby, they can earn and save enough in a year to pay off their mortgage here in Ireland. Now he is an Ozzie and they are staying with family there, on great money in the mines, so can save, and have an average house down the west. But when they come back next year they will be mortgage free. We have to finish our house (self build), pay for this visa process, moving costs, keep everything paid up. Its like the loafs and fishes!!!! LOL. I have lived in Perth before, and loved it. Just trying to make it work financially. kind regards, Cazmayo congrats, see you have your visa!!! Link to comment Share on other sites More sharing options...
cazmayo Posted August 27, 2012 Author Share Posted August 27, 2012 Hi Murta, Renting here - can you make the figures work if you put your mortgage on interest only? Ive heard of banks agreeing to reduce the mortgage payments to the rental, as they dont want want to reposess and have empty houses. Have a look at what you can earn in Oz, if there is a shortfall with your mortgage, could you send home money. With the strong dollar, this might be possible. We have yet to get a valuation, but if its 50% then we wont be able to sell!!! Its a self build and a one off house so hard to gauge. We are ye moving to guys, housing is booming over in Oz. I think it will be renting for a few years. kind regards cazmayo Link to comment Share on other sites More sharing options...
bigbadcon Posted August 28, 2012 Share Posted August 28, 2012 Hi Murta, Renting here - can you make the figures work if you put your mortgage on interest only? Ive heard of banks agreeing to reduce the mortgage payments to the rental, as they dont want want to reposess and have empty houses. Have a look at what you can earn in Oz, if there is a shortfall with your mortgage, could you send home money. With the strong dollar, this might be possible. We have yet to get a valuation, but if its 50% then we wont be able to sell!!! Its a self build and a one off house so hard to gauge. We are ye moving to guys, housing is booming over in Oz. I think it will be renting for a few years. kind regards cazmayo Ive been watching the exchange rate like a hawk all day. It looks like its getting better but Im trying to hold out in case it gets even better. Its hard not to get greedy :-) I have money sitting in my CurrencyFair account ready to transfer.... You should be very careful what you say to your bank about renting out your house, if you are on a standard "Owner occupier" mortgage you are really supposed to be living in the house. If you plan to rent it out the bank have every right to move you on to a "buy to let" mortgage which will probably double your interest rate. For example my tracker mortgage is at 2% at the moment and costs me €818 a month. If the bank were to find out I was planning on letting out the house they could move me onto a buy to let mortgage which would have a rate of around 4% which would push my payments up to €1300ish... In other words if they did that I would have to sell the house which I dont want to do as theres no way I could afford a jump in payments of that much. So my advice is dont tell them anything unless you absolutely have to as it could blow up in your face. I had a chat with my solicitor about this and they confirmed that what the bank doesnt know wont hurt them. It might be different if you are struggling to make payments as the bank might have a different view on it but just bear it in mind... Link to comment Share on other sites More sharing options...
FOL Posted August 31, 2012 Share Posted August 31, 2012 It now standa on 1 - 1.22 damb a huge sifference in only a few weeks time. We almost moved money, but waiting saved us a few grant already... Link to comment Share on other sites More sharing options...
bigbadcon Posted August 31, 2012 Share Posted August 31, 2012 It now standa on 1 - 1.22 damb a huge sifference in only a few weeks time. We almost moved money, but waiting saved us a few grant already... I just exchanged some money at 1.21 and some more at 1.22. Ill exchange some more when I have it and hopefully it will keep going up. Glad I didnt do it a few weeks ago... Then again in a few weeks time Ill probably be saying "why did I exchange money a few weeks ago". Wish I had a crystal ball... Link to comment Share on other sites More sharing options...
Graemsay Posted September 7, 2012 Share Posted September 7, 2012 The ECB is taking more decisive action now, and is intervening to keep bond yields in the struggling Eurozone countries down. The problems have tended to be political as much as economic. Overall debt and deficit levels in Europe are below the US, for example. If the markets can be convinced that this will actually work, and some of the press suggests it might, though it's a bit late, I'd expect the Euro to strengthen against the Australian Dollar. The Dollar is also a beneficiary of both the commodities boom (which appears to be tailing off as China slows), and being seen as a safe haven. My guess is that it'll slump in the future, but I'm not going to hazard a guess as to when that will be. Link to comment Share on other sites More sharing options...
FOL Posted September 7, 2012 Share Posted September 7, 2012 In the next 8 week we are transferring up to 75% of our savings from Euro to aud... Checking the stats multiple times a day lol Link to comment Share on other sites More sharing options...
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