juliew1499 Posted March 23, 2014 Share Posted March 23, 2014 We are just applying for parent contributory visas. As we will be just reaching pension age when we arrive in Oz our plans are to buy 2 properties, one for ourselves and another to rent out so that we can boost our pension. I know it's Ok for PR's to buy a property but I can't find any mention if there are restrictions on the number of properties we can buy. As everyone seems to point out the cost of living is greater inOz so we need to find some Income payable in dollars to help fund our retirement. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 23, 2014 Share Posted March 23, 2014 We are only in our 50's and intending to move next year however we hope to be retiring in not too many years so i suspect our situation is not too dissimilar. I would be interested in hearing the answers you get (not that this is relevant to us directly as my wife is a citizen) but having said this I am instinctively wary about investment properties and relying on them for either income or capital growth. Rent returns in terms of a % of investment are modest after expenses and that assumes 100% occupancy and if you need to get your hands on capital your only option is to sell the property. On balance I am leaning away from the investment property plan as a means to generating AUD. I suppose it is ok as long as you have enough money to diversify and don't rely on this as a primary income source. We are also looking at QROPs as we do not intend withdrawing any money from the Super until we have been living in Oz for at least 5 years. Don't know if that is an option for you though. Link to comment Share on other sites More sharing options...
dxboz Posted March 23, 2014 Share Posted March 23, 2014 No restrictions on number of properties a PR can buy Link to comment Share on other sites More sharing options...
juliew1499 Posted March 23, 2014 Author Share Posted March 23, 2014 Hi We've just spent a week researching QROPS and feel like we might have got a handle on it, but it is very complex as you have to view the situation from 2 different countries tax rules. Our concern is that our remaining uk pensions that can,t be transferred and are not index linked will loose so much value over our retirement years that we feel we need something else to boost our income. It's Ok I for the younger generation who are emigrating and getting paid InAUD saying stop converting everything into UK currency but that just not possible when half your income is coming in from UK. We are fortunate that we will be able to buy 2 properties outright and just want to be comfortable in our retirement and not watching every dollar. We will be about 64 when we get to australia and would be keen to hear how other parents of our age have settled in. Looking to live Mount Martha area on theMornington Peninsular. Link to comment Share on other sites More sharing options...
juliew1499 Posted March 23, 2014 Author Share Posted March 23, 2014 Thanks that's a relief Link to comment Share on other sites More sharing options...
Gbye grey sky Posted March 23, 2014 Share Posted March 23, 2014 HiWe've just spent a week researching QROPS and feel like we might have got a handle on it, but it is very complex as you have to view the situation from 2 different countries tax rules. Our concern is that our remaining uk pensions that can,t be transferred and are not index linked will loose so much value over our retirement years that we feel we need something else to boost our income. It's Ok I for the younger generation who are emigrating and getting paid InAUD saying stop converting everything into UK currency but that just not possible when half your income is coming in from UK. We are fortunate that we will be able to buy 2 properties outright and just want to be comfortable in our retirement and not watching every dollar. We will be about 64 when we get to australia and would be keen to hear how other parents of our age have settled in. Looking to live Mount Martha area on theMornington Peninsular. I know what you mean. That exchange rate becomes pretty crucial for us too as earnings will be limited in Australia and short term. There is some degree of discretion that can be applied when moving over the initial capital (savings and personal pension) though much relies on the sale of our house next year for most of the money. That said I wonder if it is a UK obsession with bricks and mortar that sees that as the only option for investing money to provide an income in retirement. Worth exploring all the alternatives I feel even if an investment property ends up looking the best bet. As well as a personal pension I also have a final salary one and I will need to leave this in situ. So with this and the state pension (eventually) these are going to be at the mercy of future exchange rates and nothing can be done to help that. Link to comment Share on other sites More sharing options...
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