Guest montbrehain Posted March 29, 2007 Share Posted March 29, 2007 I think I knew what the answer would be before I rang , But I called an Oz bank in London to ask If I could secure a mortgage (to buy a property in Australia) against our current home here in the UK ( rental Income would cover payments easily) And the answer was of course .... NO. The property borrowed against has to be in Australia. Oh well it was worth a try ! Would have been nice landing in Oz with £150,000. Knowing that if things worked out we could return to England , Sell the house .Pay off the Mortgage and still have our Aussie home. I have read (don't always believe what you read) that property prices are going up by £100 a week in this area (madness) So we might have even made a profit ? If only things were that simple........ "MO" Link to comment Share on other sites More sharing options...
Guest BullcreekBob Posted March 31, 2007 Share Posted March 31, 2007 G'day You asked the wrong bank. Just talk to the bank that your mortgage is currently with and refinance / extend your mortgage with them. It is very sensible and wise to borrow against a UK property and use that money as a deposit for a house over here in Australia. Link to comment Share on other sites More sharing options...
Guest montbrehain Posted March 31, 2007 Share Posted March 31, 2007 It does Bob , thanks very much. We don't intend cutting our ties here , we just don't want to live here HAHA. I spoke to my mate this week in Middle Swan. I asked him where Bull creek was ? He Said Bull creek ! Bloody nice area mate , But the prices are out of your (my) league (howd he know that ??? :-) ) The Mrs and daughters want to go to the west , But I fancy a few acres up near Tamworth NSW. My mate tells me not to take em to Perth , because if they get there , they wont want to leave. (and I know he,s right ) cheers "MO" Link to comment Share on other sites More sharing options...
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