Arcadia53 Posted May 3, 2022 Share Posted May 3, 2022 Hi we are looking at a 491 visa and I would like advice on selling our house and transferring 200k + to oz . Regards, Pete Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted May 3, 2022 Share Posted May 3, 2022 If you sell your house before you arrive then the only tax due will be any you might be subject to at home (which if UK and your only property should be absolutely minimal and more likely nothing) If you wait until over here you might incur a little charge on the Gains Tax - but as it would only be a small amount of time this would probably be nothing too once your annual gain allowance is factored in. Transferring over is no issue, but you should use a currency transfer specialist (I use Wise or TransferWise they just changed their name, but there are others) if you want to get a rubbish deal then use your bank, but on 200k GBP you will probably be about 10k AUD better off if you stay away from high street banks in doing this transfer 2 Quote Link to comment Share on other sites More sharing options...
Arcadia53 Posted May 4, 2022 Author Share Posted May 4, 2022 Thank you as that’s very helpful Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted May 4, 2022 Share Posted May 4, 2022 9 hours ago, Arcadia53 said: Thank you as that’s very helpful Anecdotally, as it's not happened to me and the person who told me was recounting a tale from about 5 years ago (they are now citizens). Talking about mortgages in work and one of the guys on the old 489 (essentially the previous visa to 489 for want of a better description) went into the bank to get a mortgage in principle decision. Told him he could have $900k, so off they went to a property and bid on a house. $1.3m (400k+ in cash). Went into the bank the next day to be told, oh yes I know we agreed to that but our mortgage writers won't lend that much to someone not on PR or Citizen. Understandably upset as on the in principle decision it notes his 489 visa as well. Eventually sorted out by going elsewhere but it appears you can be (as he put it) "a little too foreign" for an Aussie mortgage. (For context, he was a Brit, had owned property in the UK and earned around $200k and his partner similar but on about $140k) 1 Quote Link to comment Share on other sites More sharing options...
Ausvisitor Posted May 4, 2022 Share Posted May 4, 2022 Just now, Ausvisitor said: Anecdotally, as it's not happened to me and the person who told me was recounting a tale from about 5 years ago (they are now citizens). Talking about mortgages in work and one of the guys on the old 489 (essentially the previous visa to 489 for want of a better description) went into the bank to get a mortgage in principle decision. Told him he could have $900k, so off they went to a property and bid on a house. $1.3m (400k+ in cash). Went into the bank the next day to be told, oh yes I know we agreed to that but our mortgage writers won't lend that much to someone not on PR or Citizen. Understandably upset as on the in principle decision it notes his 489 visa as well. Eventually sorted out by going elsewhere but it appears you can be (as he put it) "a little too foreign" for an Aussie mortgage. (For context, he was a Brit, had owned property in the UK and earned around $200k and his partner similar but on about $140k) Point of the story is make sure you double check with the mortgage provider that they absolutely will honour the offer they make. Quote Link to comment Share on other sites More sharing options...
ramot Posted May 4, 2022 Share Posted May 4, 2022 1 hour ago, Ausvisitor said: Point of the story is make sure you double check with the mortgage provider that they absolutely will honour the offer they make. I will add to the above, that because there are so many different types of visas that enable people to legally live in Australia, that from our experience, having been on a long term temporary visa, most organisations automatically assumed we were PR as we lived here, had no knowledge of our visa status unless we explained our visa conditions. We never assumed that banks etc are across all the many different visa restrictions, we learnt the hard way that the onus was on us to be clear, to avoid potential pitfalls. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted May 5, 2022 Share Posted May 5, 2022 3 hours ago, ramot said: I will add to the above, that because there are so many different types of visas that enable people to legally live in Australia, that from our experience, having been on a long term temporary visa, most organisations automatically assumed we were PR as we lived here, had no knowledge of our visa status unless we explained our visa conditions. We never assumed that banks etc are across all the many different visa restrictions, we learnt the hard way that the onus was on us to be clear, to avoid potential pitfalls. Very true. Sometimes it can work in your favour. For instance, we've seen temp visa holders get awarded full Medicare cards, or local private health insurance, simply because the clerk on the day didn't know any better. But as you say, it's often the other way around. Always wise to be on the alert! Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted May 19, 2022 Share Posted May 19, 2022 On 04/05/2022 at 07:41, Ausvisitor said: If you sell your house before you arrive then the only tax due will be any you might be subject to at home (which if UK and your only property should be absolutely minimal and more likely nothing) If you wait until over here you might incur a little charge on the Gains Tax - but as it would only be a small amount of time this would probably be nothing too once your annual gain allowance is factored in. Transferring over is no issue, but you should use a currency transfer specialist (I use Wise or TransferWise they just changed their name, but there are others) if you want to get a rubbish deal then use your bank, but on 200k GBP you will probably be about 10k AUD better off if you stay away from high street banks in doing this transfer I'm coming to this thread after a couple of weeks, but note that the OP has a subclass 491 visa. This is a temporary residency visa, so there's unlikely to be a CGT issue in Australia - the temporary resident tax exemptions will be available until permanent residency in due course. Best regards. Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted May 20, 2022 Share Posted May 20, 2022 On 05/05/2022 at 05:33, Ausvisitor said: Point of the story is make sure you double check with the mortgage provider that they absolutely will honour the offer they make. And I guess always make absolutely sure your offer on a property is subject to finance approval. This might be standard in some states, but I am not sure it is everywhere. Quote Link to comment Share on other sites More sharing options...
newjez Posted May 21, 2022 Share Posted May 21, 2022 23 hours ago, Jon the Hat said: And I guess always make absolutely sure your offer on a property is subject to finance approval. This might be standard in some states, but I am not sure it is everywhere. Not only subject to finance approval, but name the bank that you want to approve it. Quote Link to comment Share on other sites More sharing options...
Ken Posted May 31, 2022 Share Posted May 31, 2022 On 20/05/2022 at 11:27, Jon the Hat said: And I guess always make absolutely sure your offer on a property is subject to finance approval. This might be standard in some states, but I am not sure it is everywhere. The original quote mentioned bidding on a house. When buying at auction you can't place a bid that is subject to finance approval as all bids are final. It's why I'd never buy at auction (if in need of a mortgage) as no matter how sound the bank's offer looks they always have a get out clause. A buyer who defaults has no such get out and will be left out of pocket. 1 Quote Link to comment Share on other sites More sharing options...
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