Migration Accountants ?

[Blewyn]

I need to sit with an accountant and figure out what to do with savings etc and whether to get a Oz or UK mortgage for a house in Brisbane......any recommendations ?

[Guest The Pom Queen]

I would say you need more of a financial advisor who has knowledge of both UK and AUS have a chat with Andrew Williams at Vista he is an expert in this field. http://www.pomsinoz.com/forum/members/17437.html

[Rupert]

I need to sit with an accountant and figure out what to do with savings etc and whether to get a Oz or UK mortgage for a house in Brisbane......any recommendations ?

 

Accountants don't provide financial advice typically, you need a financial advisor. That said your question is pretty easy, you should get an Australian mortgage on an Australian house unless there is a very good reason not to. And in this case, getting a mortgage will be pretty tricky anyway.

[Blewyn]

I also have to option of raising money in the UK by remortgaging or selling property, in order to buy here. I need to get it straight in my head with regard to the different interest rates vs the different currency values and their likely movements over the next few years. I know people balk at giving crystal ball predictions etc but you can make some calculations etc - for example, current UK interest is 4-5%, but in Oz it's 6%. However the Aus dollar is strong, so my GBP savings are worth a less-than-average amount, and may be worth more in the future as the UK economy recovers relative to the Oz economy.

[Alan Collett]

Hi Blewyn.

 

Maybe have a chat with Moneycorp about their expectations re the exchange rate for the next couple of years - recognising that there are significant global factors in play that could materially impact the value of the GBP and the AUD. For example, the so called fiscal cliff in the US, an Israel - Iran conflict, deepening recession in Europe/the UK, a collapse in commodity prices, etc.

 

Discuss the availability of a GBP denominated re-mortgage with the National Australia Bank.

 

Best regards.

[Dan Collins]

I need to sit with an accountant and figure out what to do with savings etc and whether to get a Oz or UK mortgage for a house in Brisbane......any recommendations ?

 

You'll need a mortgage broker for the house, not an accountant. Many in Aus won't be able to help you regarding a UK mortgage, though a recent thread exists on this topic for an Aus resident.

 

A financial adviser provides transactional advice usually on individual products, super, insurance etc. I'd recommend a financial planner who can compare the two scenarios using software, modelling your assumptions. That way you can make an objective comparison on the risk you need to take for the benefit, versus sitting tight and moving the money later. Look for a Certified Financial Planner at http://www.fpa.asn.au/.

 

Hope that helps.