Lump sum (£) from house sale - where to put it

[angelicuprising]

Hi All

We're about to complete on the sale of our house. I just wondered if anyone has recently sold a UK property with a view to buying one in Oz once they've moved and if so, what did you do with the lump sum? I can see that if we split it up and put £15k in an ISA and so much in this savings account which has a £10,000 limit, etc, etc we would get the very best returns but.... we're kinda up to our ears with emigrating! I guess we're looking for the best returns with the minimum of additional hassles.

 

Just wondered if there's a smart, and easy play, that we would be advised to look at?

 

Thanks, as always!

 

Nick

[srh82]

You can open an Australian bank account remotely.

 

Be aware that if you move to Australia as a PR, your global income (including UK savings) is taxable in Australia.

[lp77]

You can open an Australian bank account remotely.

 

Be aware that if you move to Australia as a PR, your global income (including UK savings) is taxable in Australia.

@Angelicuprising

 

Look at australian accounts- some have a few months higher interest.. when ru moving?

 

also remember limited cover in banks... depending on amount you have

[Bungo]

Hi All

We're about to complete on the sale of our house. I just wondered if anyone has recently sold a UK property with a view to buying one in Oz once they've moved and if so, what did you do with the lump sum? I can see that if we split it up and put £15k in an ISA and so much in this savings account which has a £10,000 limit, etc, etc we would get the very best returns but.... we're kinda up to our ears with emigrating! I guess we're looking for the best returns with the minimum of additional hassles.

 

Just wondered if there's a smart, and easy play, that we would be advised to look at?

 

Thanks, as always!

 

Nick

 

I am not sure what you mean by "smart and easy play"?

 

Personally, I would keep the money in the UK until I had moved, you never know when plans might change and you can waste money in transferring it to and fro. Returns on a few tens of thousands of pounds are dollars are never going to be that good in either country in the low interest global world that we now live in.

[angelicuprising]

Thanks folks. We've got an Oz bank a/c set up from our visit in May. We'd planned to leave the money in the UK I think not least as the exchange rate seems to be climbing of late. We would ideally be looking to bring it over at some point during the next 6 months with a view to buying somewhere as a result.

So we could put it in our Oz a/c but we'd have to exchange it into $ at current rates (and I'm sure there's a whole discussion to be had about all of that - we're not really interested in levering out every single cent on the exchange rate but obviously want to try to maximise things)

 

Simply put, I just wondered what others have done in similar positions in terms of sticking their lump sum somewhere until they are ready to buy in Oz. The easiest thing, I guess, is to change to dollars ASAP and put it into our Oz a/c. And that may or may not give us a good exchange and interest but it seems a bit of cavalier to do it without some awareness of what a good rate of interest is or who might be a reccomended bank.

 

As I say, I think we'd probably want to leave it in UK, which seems to pay about 1.5% interest and look to exchange at some point in the near future. If there's a "smarter play" or any tips from anyone who's been through this stage recently, I'm keen to hear them