How Much Money???

[trace1]

Hi All

 

Well only about 8 weeks now till I get married..am soooo excited..so much to do first tho..am practisin like mad to take this horrid IELTS test..am eating drinking and breathing IELTS questions lol..have also had the house valued and although we will have plenty of money to take with us if we sell it we have been advised to rent it out as we can also get a decent amount for rent and still have some money left over..if we sell and take our money with us then it will just sit in the bank and accrue a small amount of interest until we decide to buy a property..which may not be for some time, however if we leave it and rent it out hopefully as our estate agent says house prices will rise and we should make more money within a year or two..well more than the interest we make anyway..but am not sure I want the worry of leaving the house and having someone looking after it..keeping it looking decent to sell it later etc.. anyway if we decide to rent we wont have an enormous amount of money to bring to oz..so this is my question..at last lol..how much realistically do we need to settle..we are not bringing much with us only clothes and personal belongings..we are coming out on a 457 visa and I will have a job when I get to oz..my employers will hopefully pay for our flights (4) and to have our posessions shipped over..think they will also pay for some of our rent for a while and for us to hire a car etc when we first arrive..is a re-settlement fee..we have to pay this out ourselves but can claim it back when I get first months pay..obviously we will need to rent for a while and hopefully buy a car..not sure how easy this will be..getting a loan etc...can anyone help please

 

Many Thanks

Trace:chatterbox:

[Guest Sheikh Murphy]

Hi Trace,

 

I assume your UK based, if so then my situation is similar?

 

I'm weeks away from my 457 being granted (employer sponsored, 4 year visa) and moving to Perth.

I've toyed with selling or renting the house in the UK and decided rental is best for following reasons:

 

1. Rental rates are high at the moment, so mortgage covered plus extra to keep in a UK bank account.

2. UK market will recover so you'll get more back long term

3. (most important) If Oz doesn't work out, then you still have a home in the UK (very difficult to get back on the UK ladder due to credit being tightened up?)

4. If your employer has to let you go whilst on a 457, very difficult to transfer and you'll have to leave Oz immediately at the request of DIAC. (but at least you'll still have a home in the UK)

 

I plan to sell the house in year 3 as by then you can start to apply for a permanent visa and then buy a house in Oz (you can't buy property on a 457)

 

Do's and don't's about renting your property:

 

1. Be careful about telling your mortgage company about your planned move to Oz (if you have one?) they don't like it, and could force you into early redemption (thousands!!). They don't need to know your renting the property.

2. Take our comprehensive 'Commercial Insurance' (circa £40/month), normal 'home insurance' is not allowed.

3. Draw up a comprehensive tenants agreement in accordance with the 'Assoc of Landlords'.

4. No smoking, no pets, no running a business from the property.

5. Inform utility companies last as they can be a real pain in the arse if your visa/leaving date gets delayed.

6. Make sure you have a Will, and you update it prior to leaving the UK.

7. Make sure your UK life insurance policy (critical illness) is accepted in Oz (99% it will as its commonwealth).

 

I hope this helps, wishing you the very best down under.

 

Mo