smw Posted January 29, 2013 Share Posted January 29, 2013 Hiya, Im thinking of taking out secured loan to fund our move over and im worried about what happens to the secured loan in 2 years. Can i continue paying this from Australia, will the bank call this in?. Im concerned we wont be able to get a decent rate again in 2years or we wont be able to get anything at all, leaving us with a large debt to pay back asap...:arghh: Any help would be appreciated!!! Steph Link to comment Share on other sites More sharing options...
Gethsemene Posted January 29, 2013 Share Posted January 29, 2013 You can keep paying the loan from Australia, however if you take out a loan just before leaving and STOP making payments it is one of the few situations where technically the debt could follow you as the loan company could call it fraud..... Link to comment Share on other sites More sharing options...
northshorepom Posted January 29, 2013 Share Posted January 29, 2013 Could be a can of worms Presuming you mane a loan secured on your house, then your mortgage lender will have to be consulted, and will also have to be consulted about you letting out the house (which I am guessing is the plan). I would think it would be highly unlikely that any lender would agree to both requests Link to comment Share on other sites More sharing options...
KIRK AND CO Posted January 29, 2013 Share Posted January 29, 2013 you need to get a loan to go to oz ??? & you think this going to give you the ideal life in oz you are so so wrong. Please take some proper advice before you go down this route. Link to comment Share on other sites More sharing options...
Joebloggs Posted January 30, 2013 Share Posted January 30, 2013 you need to get a loan to go to oz ??? & you think this going to give you the ideal life in oz you are so so wrong. Please take some proper advice before you go down this route. That's pretty harsh, did you not know the streets in Oz are paved with gold? Link to comment Share on other sites More sharing options...
flybyknight Posted January 30, 2013 Share Posted January 30, 2013 they may not be paved in gold, but if you are happy to downsize and live a comfortable but not excessive life out here you may find the strong $ works in your favour so you can pay it off. id be tempted to try to get an unsecured loan though, if you can. you may end up with less but it gives you a lot more room for manoeuvring if things don't go exactly to plan. Link to comment Share on other sites More sharing options...
Quoll Posted January 30, 2013 Share Posted January 30, 2013 Personally I think taking a loan to fund a move to Australia is fraught! What if you dont get a job? How about delaying and working your socks off to build up enough that you can go unencumbered, get a second job, cut down on all the non essentials, sell a car etc etc. Setting up in Australia is always going to be more expensive than you expect it will be and you will see £10k disappear almost before you leave the airport - try and get yourself $25k+ buffer which is what the states ask for but I wouldnt be taking a loan to do it! Link to comment Share on other sites More sharing options...
Jacaranda Posted January 30, 2013 Share Posted January 30, 2013 I'm with Quoll on this one.If you can't afford to fund the move without taking a loan out,I think personally I would postpone the move until I could.For me,I would like to think that making such a big move,I'd want to lessen the stress levels as much as possible,it'll be stressful enough without adding to it.I'd also like to think that starting off with positive energy,would keep that energy going.Starting off with negative energy(a loan)would'nt be the way I'd like to go myself.Work hard,save where you can for a while and see where you are abit further down the road.Freedom is liberation!:cute: Link to comment Share on other sites More sharing options...
smw Posted January 30, 2013 Author Share Posted January 30, 2013 you need to get a loan to go to oz ??? & you think this going to give you the ideal life in oz you are so so wrong. Please take some proper advice before you go down this route. Hi, Not for one minute did i think it was going to be easy. This wasnt to set us up and give us a "dream" lifestyle. Were under no illusions that it will be tough, this was just to help with moving costs Link to comment Share on other sites More sharing options...
smw Posted January 30, 2013 Author Share Posted January 30, 2013 Thanks everyone. We know its going to be tough and wont take any risks. We dont have much now and arent moving to Oz for this amazing luxurious lifestyle, far from it. We expect to have no money and struggle, just an idea we were toying with to help fund the move and pay for the dog to be transported (ludicrous amount!!) Were being sensible and renting the house out, may as well keep it for now. Think were going to give ourselves 18 months to save as much as we can. Thanks for all the advice Steph Link to comment Share on other sites More sharing options...
Guest guest30085 Posted January 30, 2013 Share Posted January 30, 2013 I would do whatever suits you best. If you are going to honour the loan agreement by paying it back whilst in Australia then you are not harming anyone. If you intend to skip off and not re-pay the loan then that is a whole different argument. Id hardly say that the UK streets are paved with gold at the minute either, so staying until you can afford to go may be never for some people, not everyone is in a position where they will ever be able to save substantial amounts, although I can hear the murmurs as I type about how can you afford to move then. Will you have jobs to go to in Aus? I hope you find a way, good luck! Link to comment Share on other sites More sharing options...
DaniOfftoOz Posted January 30, 2013 Share Posted January 30, 2013 Just wanted to add my bit---10 years ago I took a loan in oz in order to move to UK and paid it off from here within 9months as the UK pound was strong then. Heading back to oz soon as we will still have debt here, I.e we paid for our family flights on credit card plus we will live off UK credit for s while in oz till we get sorted. But we will take advantage of strong oz dollar and pay back as much as we can quickly. Not ideal but if we had to wait here to 'save up' it'd never happen. I'd much rather pay a bank interest and sit in the sunshine by the harbour bridge. But hey, that's what I want and everyone is different. So do what you want! Link to comment Share on other sites More sharing options...
Guest guest76088 Posted January 30, 2013 Share Posted January 30, 2013 You will end up in more financial difficulty trying to find work in Australia and then be forced to abandon your house, and be stuck in Australia with no money and no way to return. Happy to be proved wrong. BigD Link to comment Share on other sites More sharing options...
russ and claire Posted January 31, 2013 Share Posted January 31, 2013 We may look at getting a loan to move to Oz as we dread to think how long it would take us to save. claire Link to comment Share on other sites More sharing options...
smw Posted January 31, 2013 Author Share Posted January 31, 2013 Hi Adona, Thanks for the reply. We will be able to save, just thought this might a good helping hand. We were going to pay for the loan while over there and rent our house out. Think we may just save though Link to comment Share on other sites More sharing options...
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