Chortlepuss Posted July 16, 2015 Share Posted July 16, 2015 I would consider selling your house unless you think you'll return - the ATO will grab a fair chunk of tax from it and you won't get residents tax allowance - Plus renting stinks for most in any country - My house (small 4 bedder in Sussex) goes for 1250 GPB and that is with me making sure the rent does not increase (I have great tenants). Would probably be 1400 ish if inflated... Would you consider living somewhere cheaper - North of London and commutable - Milton Keynes, Hertford etc...? There are some lovely areas around there and a reasonable commute. Housing is your biggest challenge - I did not find food, clothes, utilities etc more expensive than Oz when I was back a couple of years ago. What a brilliant opportunity to get back into the workforce... I would jump at the chance and make it work somehow (but I'm homesick and biased..) Link to comment Share on other sites More sharing options...
familyinoz Posted July 16, 2015 Share Posted July 16, 2015 Lots of people have to live on a lot less than that. Link to comment Share on other sites More sharing options...
Bound4Tassie Posted July 16, 2015 Share Posted July 16, 2015 Lots of people have to live on a lot less than that. Course they do....but not " comfortably". If it is a lot less then they get benefits and lots of things for free eg prescriptions, dental treatment. Once on 1 benefit, you get help with all sorts whereas those just above threshold end up worse off. Link to comment Share on other sites More sharing options...
newjez Posted July 16, 2015 Share Posted July 16, 2015 Try the maths. Take home, say £2,200pm. less rent £1200 council tax £170 gas/elec/water £150 petrol/insurance/servicing/road tax for one car £300 left with around £500pm which would be barely enough to feed 4 'adult mouths. The other 3 have got no transport, no provision for retirement. No provision for all the usual one-off costs or loan repayments for the car. I suggest that the food banks might be an option unless either the partner and/or the eldest can contribute with a wage also. Actually, my take home is similar to that. I earn more, but the excess goes into long term savings, share schemes, overloaded pensions etc. We live well, but not to excess, but we do own our home with no mortgage. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 16, 2015 Share Posted July 16, 2015 Actually, my take home is similar to that. I earn more, but the excess goes into long term savings, share schemes, overloaded pensions etc. We live well, but not to excess, but we do own our home with no mortgage. No mortgage, no rent, then no problem with a salary like that. Housing costs are the killer for the OP. Link to comment Share on other sites More sharing options...
paul1977 Posted July 16, 2015 Share Posted July 16, 2015 Australia's no cheaper, especially Sydney / Melbourne which are comparable to the S/E Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 16, 2015 Share Posted July 16, 2015 Australia's no cheaper, especially Sydney / Melbourne which are comparable to the S/E That will be a really useful comment for the OP if he gts a job offer there instead and decides to look at moving from Brisbane to Sydney rather than to London. Link to comment Share on other sites More sharing options...
paul1977 Posted July 16, 2015 Share Posted July 16, 2015 A least he'll know not to move there then... S/E England way better than Brisbane.. Go for it mate Link to comment Share on other sites More sharing options...
Guest Posted July 16, 2015 Share Posted July 16, 2015 A least he'll know not to move there then... S/E England way better than Brisbane.. Go for it mate Yeah give me Romford over Brisbane any day... :huh: Link to comment Share on other sites More sharing options...
paul1977 Posted July 16, 2015 Share Posted July 16, 2015 Give me Sussex/Surry over Brisbane .. Easy to pick a **** place, life can be a struggle anywhere, the lads wife will in time go to work so the money troubles will get better , good luck to him Link to comment Share on other sites More sharing options...
Guest Posted July 16, 2015 Share Posted July 16, 2015 Give me Sussex/Surry over Brisbane .. Easy to pick a **** place, life can be a struggle anywhere, the lads wife will in time go to work so the money troubles will get better , good luck to him Give me Brisbane over Guildford any day thanks :cool: Link to comment Share on other sites More sharing options...
paul1977 Posted July 17, 2015 Share Posted July 17, 2015 Give me Brisbane over Guildford any day thanks :cool: Jesus your something else, your so happy in brisbane you spend your life on an expat forum all day, back to the topic please Link to comment Share on other sites More sharing options...
Guest Posted July 17, 2015 Share Posted July 17, 2015 Jesus your something else, your so happy in brisbane you spend your life on an expat forum all day, back to the topic please I'm at work :wink:. You were the one who went off topic with your agenda. Link to comment Share on other sites More sharing options...
Rainman Posted July 17, 2015 Author Share Posted July 17, 2015 Thanks for all you're comments. We have got some massive choices to think about. One of the things I worried about before we moved overseas was not being able to afford to come back. Seems my concerns may have come true. For those of you thinking of moving from the UK, be sure you don't want to return, if you're not sure, rent your house out. That's what we should have done, even though at the time we were making what I thought was a permanent move. We had a lovely 3 bedroom house in a nice part of Hemel Hempstead. The irony is I couldn't afford to buy it back now. To get an idea of what we can expect to pay, I am looking at rentals in areas outside the M25, from Bedford down to Basingstoke. I am willing to have a big drive to work because I know if we moved to Sydney or Melbourne, where I could get a job in one of our offices tomorrow, I would expect to have a big commute in either of those cities and ridiculous rent or a huge mortgage especially Sydney. Moving within Australia is not an option though because it wouldn't solve any homesickness issues, in fact I think it would be a backwards step as I'd be even more unhappy. At least we have a good life here in Brissy right now. Once we know where we want to settle we would sell our house in Brisbane and hopefully buy a house in the UK. I just didn't want to make the same mistake of burning our bridges in Australia if we decided to come back, which to be honest is unlikely. I don't think we could take the stress of ping ponging. My wife would need to get a job, I know that. My daughter would also be employed as she'd be nearly 19 by the time we came over. She may go into further education but she'd still need a job. If we could have a combined gross income of say, 48,000 pounds pa, how much difference would that make? Link to comment Share on other sites More sharing options...
paul1977 Posted July 17, 2015 Share Posted July 17, 2015 I reckon you'll be fine in that Link to comment Share on other sites More sharing options...
Rainman Posted July 17, 2015 Author Share Posted July 17, 2015 I would consider selling your house unless you think you'll return - the ATO will grab a fair chunk of tax from it and you won't get residents tax allowance - Plus renting stinks for most in any country - My house (small 4 bedder in Sussex) goes for 1250 GPB and that is with me making sure the rent does not increase (I have great tenants). Would probably be 1400 ish if inflated... Would you consider living somewhere cheaper - North of London and commutable - Milton Keynes, Hertford etc...? There are some lovely areas around there and a reasonable commute. Housing is your biggest challenge - I did not find food, clothes, utilities etc more expensive than Oz when I was back a couple of years ago. What a brilliant opportunity to get back into the workforce... I would jump at the chance and make it work somehow (but I'm homesick and biased..) Did you mean I would pay a huge chunk of tax if I rented my house out or I pay tax on the proceeds from the sale if we moved overseas? Fortunately where my office is based there are excellent connections to the M40 and M25 which opens up quite a wide area for us to look in. I worked there for a few months in 2013 and although I was staying locally during the week, I would drive to Wareham in Dorset at the weekend to stay with relatives. Then Monday morning I would leave at 4.30 to head back to London. It was a big drive and I certainly wouldn't do that everyday but it did give me an idea of commuting times from towns and cities along the M3 corridor. I could handle living in Basingstoke I think. Any feedback about Basingstoke would be appreciated :jiggy: Link to comment Share on other sites More sharing options...
Quinkla Posted July 17, 2015 Share Posted July 17, 2015 On a combined income of 48,000 you'd be doing OK but not flash. Basically, your basic living costs will eat up all of your 38k. Anything above that becomes discretionary money. You say you are 50 (ish). I would be nervous about what the future holds. If you are renting, you have little time to buy a house and the shorter time will mean higher repayments - which if you are on a tight budget already... And if you are renting, you'll still need to pay rent even when you hjave retired. That would make me nervous. You would be leaving Australia with a modest superannuation pot that has not had time to grow and offer real security, but you would have lost time building a pension in Britain. I would really take professional financial advice. Your plans sound very risky to me. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 17, 2015 Share Posted July 17, 2015 Did you mean I would pay a huge chunk of tax if I rented my house out or I pay tax on the proceeds from the sale if we moved overseas? Fortunately where my office is based there are excellent connections to the M40 and M25 which opens up quite a wide area for us to look in. I worked there for a few months in 2013 and although I was staying locally during the week, I would drive to Wareham in Dorset at the weekend to stay with relatives. Then Monday morning I would leave at 4.30 to head back to London. It was a big drive and I certainly wouldn't do that everyday but it did give me an idea of commuting times from towns and cities along the M3 corridor. I could handle living in Basingstoke I think. Any feedback about Basingstoke would be appreciated :jiggy: I worked in Basingstoke for a few months. An awful, soul-less town in my opinion with Andover close by which is the pits. Brisbane would have to be bad to contemplate moving to Basingstoke. There is good countryside though within easy reach. The commute up the M3/M25 would be my worst nightmare. I assume you have seen this in the rush hour but an hour to move 2-3 miles where the motorways meet is pretty standard. I agree with Quinkla. Getting a mortgage in your 50s is fraught with many lenders limiting you to a maximum of 15 year term which increases the payments substantially potentially making your £1200 monthly rent look cheap. Hopefully you have a large equity in your Brisbane house to bring over but it sounds quite desparate to me. That commute will be hell and you will have to consider how you will feel when you are still doing it 20 years from now. If you were 20 years younger (even 10) I would say 'go for it' but in your 50's you are taking a massive risk for your future and any dreams you may have of retiring from work some day. Link to comment Share on other sites More sharing options...
pommekate Posted July 17, 2015 Share Posted July 17, 2015 I say go where your heart is. Yes it will be a struggle. If you are going to do it then sooner rather than later, certainly look at renting out your house in Brisbane until you are absolutely sure you have done the right thing. Also look into NHS, I think you have to fit the residency requirements before being entitled to NHS treatment, although you will get medical care that is considered urgent and necessary treatment. Also if your kids want to go to college or uni you have to be living in the UK for a period of time before being entitled student loans. Have you looked at any of the house swap websites. There maybe even people on here who would consider a house swap for a period of time! I grew up in Basingstoke, my family still live there, I think it has changed lots since I left home 20 years ago. (For the better!) Link to comment Share on other sites More sharing options...
Rainman Posted July 17, 2015 Author Share Posted July 17, 2015 Your plans sound very risky to me. It sounds risky to me too!! I would continue to contribute to my Super in Australia. I have checked that I can do that. Although I'd appreciate any info on the tax implications of doing that. Once we sold our Brisbane property we'd have a deposit to put on a house in the UK so we could at the earliest opportunity get back into the UK market. Our plan eventually is to move to the Southwest so even if we bought an affordable place down there, rented that out, while we rented a place closer to my work. Hopefully we wouldn't be refused a mortgage due to age. I'm not under any illusion it won't be a struggle to begin with. Of course it will but my main concern is that we won't be in deep s**t financially from the moment we land in Britain. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 17, 2015 Share Posted July 17, 2015 It sounds risky to me too!! I would continue to contribute to my Super in Australia. I have checked that I can do that. Although I'd appreciate any info on the tax implications of doing that. Once we sold our Brisbane property we'd have a deposit to put on a house in the UK so we could at the earliest opportunity get back into the UK market. Our plan eventually is to move to the Southwest so even if we bought an affordable place down there, rented that out, while we rented a place closer to my work. Hopefully we wouldn't be refused a mortgage due to age. I'm not under any illusion it won't be a struggle to begin with. Of course it will but my main concern is that we won't be in deep s**t financially from the moment we land in Britain. Under new rules your UK employer will have to have a workplace pension in place and you would be wiser contributing to that than paying into Super as you will get tax relief on your contributions. Also when you finally draw your pension a chunk (25% under current rules) is tax free which would not be the case for your Super pension which would be taxable in full. I cannot see how you would have any spare money to pay into the pension though based on the information given. Link to comment Share on other sites More sharing options...
Quinkla Posted July 17, 2015 Share Posted July 17, 2015 I would continue to contribute to my Super in Australia. That would be unwise as it would be a large proportion of your salary but would not get tax relief, would not be easy to retrieve and would be subject to the vagaries of the exchange rate. And if you keep your super in Australia and also open a pension in the UK, you'd be paying two lots of management fees. my main concern is that we won't be in deep s**t financially from the moment we land in Britain. That is a very real prospect and the reason why you should take professional, independent financial advice. Link to comment Share on other sites More sharing options...
Bungo Posted July 17, 2015 Share Posted July 17, 2015 It sounds risky to me too!! I'm not under any illusion it won't be a struggle to begin with. Of course it will but my main concern is that we won't be in deep s**t financially from the moment we land in Britain. I don't feel it is as risky as some others commenting do, but financially it does sound like you will be better off in Brisbane. I still think if you can manage on a shade over national average wage in Australia then you can in UK too. But looking at the sums, yes you probably do need two incomes, especially if you are going to be renting. To be honest though, I don't think renting makes sense, the longer you leave it to buy the harder it will get. If you are going to move, I would sell up, hopefully you have equity for a decent deposit in the UK and won't need a huge mortgage? We moved back in January. It is an expensive business again, like migrating in the first place was, do you have savings to fund the move and help with getting set up like buying a car? Link to comment Share on other sites More sharing options...
Rainman Posted July 17, 2015 Author Share Posted July 17, 2015 That is a very real prospect and the reason why you should take professional, independent financial advice. I appreciate the advice. It is very sobering after the initial excitement of getting a job offer back in Britain to decide whether we can actually afford to accept it. Link to comment Share on other sites More sharing options...
Rainman Posted July 17, 2015 Author Share Posted July 17, 2015 Hopefully you have equity for a decent deposit in the UK and won't need a huge mortgage? We moved back in January. It is an expensive business again, like migrating in the first place was, do you have savings to fund the move and help with getting set up like buying a car? Because my wife is a New Zealand citizen, we need to sort out a Spouse Visa for her so she'd have to stay here, meaning we couldn't sell the house and have access to the proceeds until we know she has a Visa. We have some savings that would be available for me to get a car etc. It would be tight though, I certainly wouldn't be driving the sort of car I have now. Sitting here in my cushy job on the Gold Coast, looking out the window to blue skies and despite the cold snap, mid winter temps 20 degrees tomorrow, I do wonder whether I'm being completely irrational in wanting to disrupt my family's life to return to the place I was so eager to leave 13 years ago. Link to comment Share on other sites More sharing options...
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