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Kelpie

Best way to save house deposit

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On 15/11/2020 at 03:20, Kelpie said:

Yet more reasons why I wouldn't buy a place now even if I did have the money.  Just because it might not make sense to buy somewhere now doesn't mean that it is foolish to start thinking about a deposit now.

Ideally I'd be here on a 494 but my university didn't bother its arse getting my engineering course accredited for a 3 year period.  If I started 3 years earlier or one year later I'd have met the requirements for a 494 but they didn't so here I am on a 482 although my visa agent thinks I've got a very good shot at the GTI so I'm looking into that.

Doesn’t surprise me in the least about the uni. My son found himself on a double degree that 3 years into it a lecturer stated they didn’t know why the uni runs it because it doesn’t lead anywhere. That wasn’t in the brochure! 🤦🏻

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3 hours ago, Kelpie said:

Not sure why you bothered to post on this thread when you have no idea what was or was not communicated to those of us in my year’s intake or have anything nice or useful to say. 

A bit harsh, all University courses have to be sanctioned, verified and peer-accredited, so you would have been given the degree and learning and you signed up for (no more and no less). If it didn't match what you expected, that is on you not the institution.

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On 15/11/2020 at 09:43, Kelpie said:

I looked at this before and I thought there was a upper income limit but I might have been getting confused with the home builder grants.  I'm a bit nervous about tying money up in my super in case they change the rules but I'll have another look as it seems the most tax efficient way to save.

@Kelpie, I just noticed this reference to superannuation.  Do not, under any circumstances, pay extra money into superannuation while you're on a temporary visa.    If you ultimately end up back in the UK, you will lose almost half of it in tax when you come to withdraw it. 

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Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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10 hours ago, Amber Snowball said:

Doesn’t surprise me in the least about the uni. My son found himself on a double degree that 3 years into it a lecturer stated they didn’t know why the uni runs it because it doesn’t lead anywhere. That wasn’t in the brochure! 🤦🏻

I bet they left that nugget out the prospectus. 

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54 minutes ago, Marisawright said:

@Kelpie, I just noticed this reference to superannuation.  Do not, under any circumstances, pay extra money into superannuation while you're on a temporary visa.    If you ultimately end up back in the UK, you will lose almost half of it in tax when you come to withdraw it. 

Thanks @Marisawright.  I’ve come to the conclusion that a bog standard savings account and overpaying my uk mortgage are probably the best options. 

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7 hours ago, Ausvisitor said:

A bit harsh, all University courses have to be sanctioned, verified and peer-accredited, so you would have been given the degree and learning and you signed up for (no more and no less). If it didn't match what you expected, that is on you not the institution.

Again, still have no idea why you are replying to this thread when you don’t know what what was communicated to us. 

Edited by Kelpie
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6 minutes ago, Kelpie said:

Thanks @Marisawright.  I’ve come to the conclusion that a bog standard savings account and overpaying my uk mortgage are probably the best options. 

I forgot about your UK mortgage.  Depending on the terms, paying extra into the mortgage is going to have a far, far greater impact than anything else you could do.  I'd be shovelling everything into that and just keep enough for emergencies in the savings account. 

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Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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29 minutes ago, Kelpie said:

Again, still have no idea why you are replying to this thread when you don’t know what what was communicated to us. 

It's a public forum, the poster hasn't broken any rules.  People can only reply to the information in the posts

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I just want PIO to be a happy place where people are nice to each other and unicorns poop rainbows

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On 21/11/2020 at 06:58, ali said:

It's a public forum, the poster hasn't broken any rules.  People can only reply to the information in the posts

What a pity that both a forum mod and admin support the trolling and derailing of a thread. 

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9 hours ago, Kelpie said:

What a pity that both a forum mod and admin support the trolling and derailing of a thread. 

I don't see the post as trolling, I did feel your response was a little rude - but that's the problem with the written word, we assume the intonation  The admin support you refer to is the site owner and hasn't had any issue with my moderation.

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I just want PIO to be a happy place where people are nice to each other and unicorns poop rainbows

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On 15/11/2020 at 06:43, Kelpie said:

I looked at this before and I thought there was a upper income limit but I might have been getting confused with the home builder grants.  I'm a bit nervous about tying money up in my super in case they change the rules but I'll have another look as it seems the most tax efficient way to save.

Problem is with super you can't get it out until you retire usually. A lot withdrew money during covid, which seems like a good idea to me.

Best way to save up is look at what you're spending and where you can cut back. Do you have expensive mobile plans you maybe don't need, foxtel, other things you can cut back on. 

You might find you can save a lot more than you think. Takes commitment though.

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On 21/11/2020 at 06:25, Kelpie said:

Thanks @Marisawright.  I’ve come to the conclusion that a bog standard savings account and overpaying my uk mortgage are probably the best options. 

If you are on a temporary visa you must be crazy to think about buying property here. If you get accepted for a full visa, are serious about buying and settling, the first thing I'd do would settle the motgage in the UK and see what you end up with. Then put that cash into your Aus property.

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