Lucysdream Posted April 26, 2011 Share Posted April 26, 2011 Yes my partner and I are the same, only in our twenty's with not much capital behind us, no house etc.... I probably haven't even worked a quarter of my working life yet.......:swoon: So it won't really affect us, and the earning potential seems to be far greater for us. Life is kind of on hold in the UK and we wouldn't do anything like house or kids till we were settled where we want to be in oz, and when my partying days are behind me:biggrin: Link to comment Share on other sites More sharing options...
Guest janeubu Posted April 26, 2011 Share Posted April 26, 2011 this is a real problem but unsolvable one im afraid in 2 yrs for us its the difference of not having a morgage to having to have one so we are renting our house out till we see some increase which could be a while if it does..so frustraing mentally know up for the move to oz but not financially:arghh:but still goin for itxx Link to comment Share on other sites More sharing options...
PontePom Posted April 26, 2011 Share Posted April 26, 2011 We've been here since August last year we got around $1.7 to £ Our house is just about sold waiting for last survey and it'll be done. We'll bring over what we need now and leave a bit for the rate to pick up. I'm nearly 46 and Pam 45 and this is the best thing we could've done for us and our children. We we're mortgage free and had money in the UK but money versus the life we have here and the future our kids now have is far better than any amount of money. Howard Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted April 27, 2011 Share Posted April 27, 2011 I do sympathise with those of you that started the whole visa process 3 or 4 years ago luckily we were not seriously considering moving then, it must be terrible to look at what you could of had. We need our equity out of the house to get on the Oz housing market so don't have the option of not selling it, and will be taking our money regardless of the exchange rate. Out of interest those that are leaving property behind and renting it out what would you do if in 5, 10 or 15 years time the exchange rate went down to $1 to £? Link to comment Share on other sites More sharing options...
fleabo Posted April 27, 2011 Share Posted April 27, 2011 Hi, we have our visa but having trouble selling our house, but my question is is are you all still going ahead with the move with such a poor exchange rate, we seem set to lose thousands then when we origanly decided to go, like many others out there. I do sympathise and you are right to question but think about the underlying reasons why you seem set to lose thousands and then work out where you would rather be. The problem is not with Australia. You have an opportunity that others don't. Good luck with your deliberations. Link to comment Share on other sites More sharing options...
Guest Guest 47403 Posted April 27, 2011 Share Posted April 27, 2011 I do sympathise and you are right to question but think about the underlying reasons why you seem set to lose thousands and then work out where you would rather be. The problem is not with Australia. You have an opportunity that others don't. Good luck with your deliberations. Well said. Link to comment Share on other sites More sharing options...
newjez Posted April 27, 2011 Share Posted April 27, 2011 Hate to be the bearer of bad news - but the pending rate rise will only strengthen the dollar, and increase the cost of a mortgage. There could be a drop in house prices though - so maybe there is a silver lining. Link to comment Share on other sites More sharing options...
hogan Posted April 27, 2011 Author Share Posted April 27, 2011 I do sympathise and you are right to question but think about the underlying reasons why you seem set to lose thousands and then work out where you would rather be. The problem is not with Australia. You have an opportunity that others don't. Good luck with your deliberations. so are you saying that we are lucky to have the opportunity regardles of what the exchange rate is? just not understanding the quote" the problem is not with Australia" sorry if i am being a little thick lol Link to comment Share on other sites More sharing options...
fourcorners Posted April 27, 2011 Share Posted April 27, 2011 We're looking at it in a positive way. When we move hopefully later this year we'll rent out our house here where hopefully it will almost cover the mortgage. In Australia it looks like we'll be able to at least double our salaries (yes we're in the mining industry), and we'll work hard as hell to make early repayments on the house back here (a strong dollar will be very handy for that!), and save for a house deposit in Oz. So it can work both ways. Of course, it depends if you expect (or expected) to have an easy life in Australia or not. But let me tell you, you'll only get the most out of it if you do work hard there, then you get back what you put in. An easy life is not a straight-forward achievement anywhere in the world, and no-one should expect to be able to just rock up in another country and lead the good life. Link to comment Share on other sites More sharing options...
Guest jojaks Posted April 27, 2011 Share Posted April 27, 2011 Pound Sterling to Australian Dollar Foreign Currency Exchange Rate Forecast http://www.torfx.com/blog/index.php/pound-sterling-to-australian-dollar-foreign-currency-exchange-rate-forecast-sterling-looks-highly-vulnerable-based-on-interest-rates/10101 More bad news im afraid :sad: Link to comment Share on other sites More sharing options...
Wonderingaloud Posted April 28, 2011 Share Posted April 28, 2011 Out of interest those that are leaving property behind and renting it out what would you do if in 5, 10 or 15 years time the exchange rate went down to $1 to £? Providing you don't sell the property, it's value doesn't matter. You are only set to make profit, or lose out at the point of what you sell it for. As we came to oz with our own savings ie not the equity out of our house (not that there isn't much of it anyway) we didn't need the house sale to set us up here financially. We are viewing our house as an investment, and are hoping to whittle down the mortgage so that it starts making US money. In 10-15 years I hope we will have paid it off, and thus it's rent will go straight to us, which we will leave in the uk if the rate is not in our favour. The value of the house or the exchange rate will therefore be of no consequence, as we are also hoping by that point that we will be living off our Australian wages/savings and not relying on the rental income. Once we come to retire, if we are still in oz then yes, we may wish to transfer a lump over and then the rate will matter, but given that this is 40 odd years off yet, Im not going to worry about it:biggrin: Link to comment Share on other sites More sharing options...
fleabo Posted April 28, 2011 Share Posted April 28, 2011 so are you saying that we are lucky to have the opportunity regardles of what the exchange rate is? I wouldn't say you are lucky but you have the opportunity. The exchange rate is one of many factors that I am sure you are considering. For us the exchange rate was weighed low in comparison with many of the other factors. For others, it makes the difference between staying and going. Nonetheless, you have the choice regardless of the exchange rate. just not understanding the quote" the problem is not with Australia" sorry if i am being a little thick lol My fault, may be I was being a little too cryptic (again).:wubclub: In way of explanation, I view the pound as being weak, not the Australian dollar being strong. The 'poor' exchange rate is not Australia's fault...their economy was just better suited to ride out the GFC than the UKs was/is. Some of that was luck, some good governance. The main reason so many of us 'lost', or stand to lose, thousands was primarily due to poor UK governance i.e. Blair/Brown and the banks. All of our own making. Link to comment Share on other sites More sharing options...
pizzamonster Posted April 28, 2011 Share Posted April 28, 2011 It does depend on the size of the pot you are taking with you. The bigger the pot the more it hurts. We have to buy/start a business in Aus as part of our visa. We lose many ways, house prices down, £ down and so not nearly as much $ as we need to buy business in Aus. We stand to lose a lot but it's not going to stop us, we just have to reassess. I guess you have to look at it all again and say can I make do with what we have got and will it give us the life in Aus that we wanted. How can we change our plan to still make it work. We all go for a reason and if we can rejuggle finances and plans and still make a good go of it, then we shouldn't look back. Losing money hurts but if you can reassess then go for it! Link to comment Share on other sites More sharing options...
chalkyhill Posted April 28, 2011 Share Posted April 28, 2011 We're looking at it in a positive way. When we move hopefully later this year we'll rent out our house here where hopefully it will almost cover the mortgage. In Australia it looks like we'll be able to at least double our salaries (yes we're in the mining industry), and we'll work hard as hell to make early repayments on the house back here (a strong dollar will be very handy for that!), and save for a house deposit in Oz. So it can work both ways. Of course, it depends if you expect (or expected) to have an easy life in Australia or not. But let me tell you, you'll only get the most out of it if you do work hard there, then you get back what you put in. An easy life is not a straight-forward achievement anywhere in the world, and no-one should expect to be able to just rock up in another country and lead the good life. Exact same plan as us(minus the mining part) - since we have arrived here we have saved enough to pay 15% of our UK mortgage since aug last year - could never have done that in the UK in that space of time. Link to comment Share on other sites More sharing options...
fourcorners Posted April 28, 2011 Share Posted April 28, 2011 Plus, the first time we lived in Oz (18 months when the exchange rate was about 2.4) we saved enough for our house deposit here. I could moan and complain that we could have made a lot more if the exchange rate was what it is now! No point getting upset about factors beyond your control, you've just got to make the most of whatever situation you're in right now. Link to comment Share on other sites More sharing options...
Lurkio Posted May 3, 2011 Share Posted May 3, 2011 If you only take a few thou to live on whilst you are finding jobs and leave the balance of your money here ... Does anyone know what the tax situation is? I mean, since the house we are about to sell is our only or main residence it wont attract capital gains tax - but - if we leave most of our cash here and hope for a rise in the exchange rate - will we need to pay a lump of tax when we transfer over to Aus? Link to comment Share on other sites More sharing options...
Toolbox Posted May 3, 2011 Share Posted May 3, 2011 If you only take a few thou to live on whilst you are finding jobs and leave the balance of your money here ... Does anyone know what the tax situation is? I mean, since the house we are about to sell is our only or main residence it wont attract capital gains tax - but - if we leave most of our cash here and hope for a rise in the exchange rate - will we need to pay a lump of tax when we transfer over to Aus? I've been told by my accountant that you pay tax at 20% on what you gain on the improved exchange rate. Basically if you have £100,000 equity from the sale of your house you've got 6 months to transfer the money. If after 6 months the rate goes up to say $2 - £1 instead of $1.5 - £1, you pay 20% tax on what you've gained which would be $50,000, so $10,000 tax to pay. Think i've explained that right:unsure: Link to comment Share on other sites More sharing options...
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