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Dean7133

Affordability

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Hi guys ,

wondering if anyone could kindly offer me some advice? We are currently living in the UK and have started the visa process to move over to Brisbane with our 2 year old daughter. I have put some figures together for a estimated cost of living out there to make sure that it’s affordable. I have done this by reading over different forums ect ... but if anyone believes anything is incorrect or that I’ve missed anything could you kindly let me know.

Salary’s ; My wife is a registered band 5 nurse in the UK with the majority of her experience being in aged care for the last 7 years. She will not have a job to go to when she arrives but working on salaries across different job sites and agencies as a minimum I would say she would be looking at $70,000 Aud.

Take home pay after tax $4500.20

I had a business back home but has unfortunately had to close due to COVID most of my previous experience has been in field sales. To play it safe I have based my salary on the lower end of the scale just for now at $40,000

Take home pay after tax $3000

Combined salary’s after tax $7500

From this I calculate the following monthly outgoings ;

mortgage repayments $2700 calculated at 4.35% ( could this be lower as we will be PR )

monthly groceries shop $1000

gas & electric supply $200

car insurance $70

fuel $100

2 mobile phone contracts $100

Health care $170 

our daughter will be approx 3 years  old when we arrive and have child care costs at $1600
( please confirm if we get any help with this as permanent residence? )

Total ; $ 5940
Remaining $1560
 

looking at this figure I’m concerned that this doesn’t leave us with what we would require to sub stain a decent lifestyle over here.
 

please could you kindly offer your thoughts / Advice and let me know if I’ve missed anything or made a mistake anywhere.

Thanks 😃  


  

 

 

 

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Thanks for your reply Nicky.

sorry if I’m missing somthing but using the above calculator the figures above are close to what I’ve mentioned above.

calculator shows wife’s salary $4705.25 net 

My  salary $3009.42 net

please could you kindly let me know where I’m going wrong here.

Thanks again for your reply 😊

 

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Have you allowed for superannuation in the salaries calculations?   Salaries can be expressed inclusive or exclusive of superannuation, so it's vital to know which one you're using. 


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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26 minutes ago, Dean7133 said:

Thanks for your reply Nicky.

sorry if I’m missing somthing but using the above calculator the figures above are close to what I’ve mentioned above.

calculator shows wife’s salary $4705.25 net 

My  salary $3009.42 net

please could you kindly let me know where I’m going wrong here.

Thanks again for your reply 😊

 

Apologies  - I misread your figures and realised what I’d written was nonsense... That’s why I removed my post. 

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No worries i was wondering where I went so wrong then !

Thanks for your reply 🙂

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You mentioned a mortgage.  As a residence owner you will need to budget for council rates, water rates and building and contents insurance.

Health care:  I assume your figure includes private health insurance?  That's not mandatory so you could save there.

 

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Mortgage rates should be 3% or less, but for budgeting purposes it is probably good to assume a higher rate in case rates rise in the future.


I want it all, and I want it now.

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I also think that $40k inc super is very low unless you are not planning full time work. My son takes home on average 25k after tax and super from his casual work at a restaurant whilst at uni. 


So many wineries ......so little time :yes:

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Thanks for info , yes I realise that 40k is a low figure I was just working from worst case Sanrio 

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4 hours ago, Dean7133 said:

Thanks for info , yes I realise that 40k is a low figure I was just working from worst case Sanrio 

The problem is that if you take the worst case scenario you will get the result that it's not affordable because that what the worst case is. You probably will be in that worst case scenario to begin with (and should come over with enough in the bank to cover that period) but it's equally unrealistic to assume that will be your permanent situation. Minimum wage is $753.80 per week = $39,197.60 per annum plus Super and many industries have award rates which impose a higher minimum wage.

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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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If your wife works in aged care as a nurse she may be able to salary sacrifice around $18k (this can be used to pay mortgage etc) My daughter has two part time jobs as a nurse - she gets approx $18k each job tax free in addition to her tax free allowance so she is quids in! 

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Honestly mate I think you're wasting your time trying to base your decision on financial terms. If you want to come, have a visa, are both behind it, then just come, find jobs, have a good look round  for a house in a suburb you like and then work out your incomings/outgoings.

Do you really need expensive phone contracts, mines $40 a month with Telstra, my wife pays $30 with Optus, you might not bother with health insurance, it's not compulsory, you are quite young and medicare is good.

You never know what jobs you'll get so you are only guessing what salary you may get. My wife was a nurse, health visitor and midwife. She worked shift work  back on wards for a while, till we got on our feet. I was out of work for 5 months. You just have to cut your cloth to your means if you are serious of making a go of it.

Most people we know who emigrated did it for the lifestyle. We all managed somehow.

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18 hours ago, Chortlepuss said:

If your wife works in aged care as a nurse she may be able to salary sacrifice around $18k (this can be used to pay mortgage etc) My daughter has two part time jobs as a nurse - she gets approx $18k each job tax free in addition to her tax free allowance so she is quids in! 

It's unusual to be able to salary sacrifice so much, working for WA Health the amount is $9000. NGO's usually have a higher limit.

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7 hours ago, Drumbeat said:

It's unusual to be able to salary sacrifice so much, working for WA Health the amount is $9000. NGO's usually have a higher limit.

Also a lot of aged care facilities are run by regular (i.e. for profit) companies and don't get any of the Not For Profit benefits.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia)

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20 hours ago, Ken said:

Also a lot of aged care facilities are run by regular (i.e. for profit) companies and don't get any of the Not For Profit benefits.

definitely worth working out which employers do offer salary sacrifice and applying former those  - I worked for Blue Care (not nursing) but it made a huge difference to my take home

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