85dmitchell Posted May 6, 2014 Share Posted May 6, 2014 Been here 4 months , took a fifo job in the mines... Basically we feel that the place is too expensive for us to live here indefinetly. Got quoted a mortgage for 388k and told it was 530 a week over 30 years... thats 826,800 we would pay back! In other words we pay 16 years interest on that mortgage and its every week... just 1 example. I took a car on finance.. if i surrender the car back to the finance company will it affect my credit ratingin Oz and the UK? Yeah the weather is better here.. the place looks pretty but before we moved here I believe my family were better off back in the UK. Link to comment Share on other sites More sharing options...
Perthbum Posted May 6, 2014 Share Posted May 6, 2014 at least you have cured the itch and will look at the UK in a new light as many do. Link to comment Share on other sites More sharing options...
Guest Posted May 6, 2014 Share Posted May 6, 2014 It should not affect your credit rating in the UK afaik. Credit in Aus may be another matter. Good luck on your return to the UK. Link to comment Share on other sites More sharing options...
85dmitchell Posted May 6, 2014 Author Share Posted May 6, 2014 Thanks guys Link to comment Share on other sites More sharing options...
wattsy1982 Posted May 6, 2014 Share Posted May 6, 2014 just wait for the 'you didnt give it long enough' gang to get on here... But its your feelings and sometimes you just know. If someone punched me in the face I would know i didnt like is straight away, I wouldnt need to be punch for 2 years to know! DO WHATS BEST. GOOD LUCK Link to comment Share on other sites More sharing options...
Shellybingobingo Posted May 7, 2014 Share Posted May 7, 2014 It will effect ya credit rating in oz if you don't pay the short fall on ya car , you can walk away from it if you have made 50 percent of payments , but if you've only been here 4 month , I doubt you have . If the garage sells it on your behalf you still need pay them the shortfall up front not in installments . And it will effect ya credit in oz if you don't pay , but not in uk . Good luck wish u lots of luck and I totally get where you coming from . Link to comment Share on other sites More sharing options...
Xenon4017 Posted May 7, 2014 Share Posted May 7, 2014 Basically we feel that the place is too expensive for us to live here indefinetly. Got quoted a mortgage for 388k and told it was 530 a week over 30 years... thats 826,800 we would pay back! In other words we pay 16 years interest on that mortgage and its every week... just 1 example.. Of course, if you've made up your mind, best of luck. But the figures you quoted are just a mathematical reality; they've got nothing to do with Australia. If the UK had 6% interest then the payment scheme would be identical. Higher interest rates generally mean higher wage inflation too. However, as I said, at least you now know where your future lies, so that must be a plus. Link to comment Share on other sites More sharing options...
Guest Guest40285 Posted May 7, 2014 Share Posted May 7, 2014 Good luck with moving back home, All the best mate, hope you can make a go of it back there. Link to comment Share on other sites More sharing options...
silencio Posted May 7, 2014 Share Posted May 7, 2014 Sorry to hear that you couldn't stand it here at all. Good luck with your move back. At least you've tried and gave it a go! Link to comment Share on other sites More sharing options...
Marisawright Posted May 8, 2014 Share Posted May 8, 2014 Been here 4 months , took a fifo job in the mines... Basically we feel that the place is too expensive for us to live here indefinetly. Got quoted a mortgage for 388k and told it was 530 a week over 30 years... thats 826,800 we would pay back! In other words we pay 16 years interest on that mortgage and its every week... just 1 example. If I had a fifo job, I wouldn't like it either! As others have pointed out, the mortgage cost has nothing to do with Australia. It will be the same in the UK when interest rates go up again (and they will one day, they always do). House prices may be cheaper where you came from, but that also varies depending on where you are, in both countries. Link to comment Share on other sites More sharing options...
wattsy1982 Posted May 8, 2014 Share Posted May 8, 2014 House prices may be cheaper where you came from, but that also varies depending on where you are, in both countries. Yes true, but in the OP case they can only compare where they were from to where they are now.... Link to comment Share on other sites More sharing options...
Guest Posted May 8, 2014 Share Posted May 8, 2014 Been here 4 months , took a fifo job in the mines... Basically we feel that the place is too expensive for us to live here indefinetly. Got quoted a mortgage for 388k and told it was 530 a week over 30 years... thats 826,800 we would pay back! In other words we pay 16 years interest on that mortgage and its every week... just 1 example. I took a car on finance.. if i surrender the car back to the finance company will it affect my credit ratingin Oz and the UK? Yeah the weather is better here.. the place looks pretty but before we moved here I believe my family were better off back in the UK. You do realise that a dollar in the future is not worth the same as a dollar today? Be awesome if I could borrow a million today and pay off a million in 30 years time when it is worth way less. Link to comment Share on other sites More sharing options...
Xenon4017 Posted May 8, 2014 Share Posted May 8, 2014 Yes true, but in the OP case they can only compare where they were from to where they are now.... But what will the OP do when UK interest rates hit 5.88% ? At that time a 30 year loan will also incur the same ratio of interest repayments. That's mathematically the way it is. Of course, you might argue that the housing market will never get so overheated in the UK that you would need to borrow so much, so you could repay the principal back quicker, thus reducing the interest burden. And I'd agree that by virtually any metric, the Oz housing market is at a peak (or at least, several subsections of it are). But you don't have to buy a house _right_ _now_. Maybe thew OP has other reasons to go back, and all of them could be valid. I'm not judging. Link to comment Share on other sites More sharing options...
Guest Posted May 8, 2014 Share Posted May 8, 2014 With a quick google, average uk wage 26,500 average house price 264000 (GDP) Average oz wage 70,000 and house price 500,000 (AUD) If these figures are accurate, it looks like the UK property market is less affordable... Link to comment Share on other sites More sharing options...
wattsy1982 Posted May 8, 2014 Share Posted May 8, 2014 With a quick google, average uk wage 26,500 average house price 264000 (GDP)Average oz wage 70,000 and house price 500,000 (AUD) If these figures are accurate, it looks like the UK property market is less affordable... This does seem to lean that way for sure. For me personally, and I only speak for me.... I couldnt justify spending 500k or $x amount per week repayment on an Australian house with their build quality....or lack of it. I feel the OP (like most of us) MAY have other reasons and are choosing to use the housing situation as a deciding factor. Up to them I guess though Link to comment Share on other sites More sharing options...
Motorhead Posted May 8, 2014 Share Posted May 8, 2014 Im for the off soon for similar reason, such a shame really. Are you working a 3 weeks away and one off rota...if so I dont know how you do, it I used to work offshore in the UK 2 and 2 and that was enough for me. Try not to over stress...lol like thats an option. It will be ok the end...least thats what I keep telling myself Link to comment Share on other sites More sharing options...
Burnett Posted May 10, 2014 Share Posted May 10, 2014 I don't get it. Years ago, migrants took pot luck in many ways as to how things would be in Oz. But with all the resources available now, couldn't you have worked out the Australian cost of living from the comfort of your home in the UK? There's Domain.com.au and Realestate.com.au and a dozen other site which show the cost of housing across Australia. And any of the Oz bank sites show the size of mortgage payments. It can all be worked out from the comfort of your living room back home at no risk. Aussie food prices, clothing, cars, holidays, utilities, all of it is online for free Makes me wonder about Poms. Do they suspend rational thinking so they can get all excited as to what Australia will be like and cost? Do they get carried away with their fantasies and ignore reality, like children getting excited about going to Disneyland? Do they tell themselves it will always be greener on the other side of the fence? Do they tell themselves if they ignore the facts, life in Australia will 'just have to' conform with their dreams and wishful thinking? I've defended the UK and Poms all up and down this forum, but sometimes Poms are their own worst enemies Link to comment Share on other sites More sharing options...
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