Mortgage on a property in UK while working in Oz - what's best

[Johnnyboy]

Hello,

I'm currently waiting for my 457 visa but I've got some tough decisions to make.

Because I'm 43 now, I don't know what are the chances to progress towards a PR/citizenship after the March 2018 changes.

I've got a mortgage in UK and my current deal ends in a couple of months. I can remortgage for 2-5 years and rent the property out while working in Oz. If I'd go for 2 years, I'd guess will be very difficult to secure a mortgage back in UK after that as I'll be working abroad. So the longer term, the better.

I'll have very limited chances to buy a property in Oz if I'll sell the property in UK now so I'd rather keep it for a while. Hopefully I won't run into any issues if I'll rent it while living in Oz.

I presume there are people out here having had the same experience so your advice is very valuable.

Thanks a lot in advance.

[DeeTowers]

On 6/18/2017 at 08:51, Johnnyboy said:

Hello,

I'm currently waiting for my 457 visa but I've got some tough decisions to make.

Because I'm 43 now, I don't know what are the chances to progress towards a PR/citizenship after the March 2018 changes.

I've got a mortgage in UK and my current deal ends in a couple of months. I can remortgage for 2-5 years and rent the property out while working in Oz. If I'd go for 2 years, I'd guess will be very difficult to secure a mortgage back in UK after that as I'll be working abroad. So the longer term, the better.

I'll have very limited chances to buy a property in Oz if I'll sell the property in UK now so I'd rather keep it for a while. Hopefully I won't run into any issues if I'll rent it while living in Oz.

I presume there are people out here having had the same experience so your advice is very valuable.

Thanks a lot in advance.

Hi and welcome, We rented our house out in the UK for nearly 5 years and during that time it came out of its fixed period and we did not re-fix. We sold the house in Aug 2015, brought the money over with a good exchange rate (prior to brexit) and set ourselves a year savings plan to top up the money - We then gained PR last year and brought our first Aussie house. 

I would never have come out here on a 457 and sold the house straight away as a 457 is temporary so we rented it out, locked our possessions in the loft and shed away from the tenants, put the car in storage so that if it all went wrong out here and we didn't get PR we had everything to go back to minus jobs but that would have been ok.

So many people sell up lock stock and come over on a 457 visa not understanding that it doesn't always end in PR, and now with the new changes it may never end in PR depending on your role - We were lucky but we had our challenges of redundancy and having to get re-sponsored twice - we nearly went back to the UK but it worked out for us in the end and we have been here for 6 years now with 1 year PR and our own Aussie home.

Good Luck!