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grainne73

Anyone in their 40's and emigrating and worried?

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Hi

 

Just wondered if anyone in there forties is worried about getting a mortgage etc in Oz? If for example you are 45/6 now surely the MOST would be a 15year mortgage. Anyone a bit worried about starting from scratch at this age? Love to hear thoughts from someone who has done it in their 40's and how it is going?

 

 

worried

grainne

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Hi Grainne, I am 40 years old myself, and hope to emigrate in September 2012, but like you, I am worried about starting from scratch as it is a big commitment. I am only renting here so not sure if I will continue to rent or try to buy,


Tracey 457 visa applied on 12/6/2012, 457 visa granted 18/07/2012, arrived in Sydney 30/01/2013

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i have a friend who is 50 and lives in adelaide and just got a 30 year mortgage!


Visa Applied 25/5/11, GRANTED 16/9/11 Now Living the Dream In Perth:jiggy:

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Guest Guest26012

We did it in our late 40s and have a 30 yeat mortgage! Wouldnt change a thing! Only if we had a bit more money lol!

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Guest ozzietobe

We're both 40 and yeah it does worry one but hey, whats life without some excitement of the plunge!!!! Go for it!!!!

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Hi we're 45 & 46 been here 18 mths. I don't think the age bit is an issue as you invariably meet like minded people wherever you go IMHO. However we did it with teenagers- that combo was hard. Mostly because of starting up with the new medical/financial/educational systems which had to be pretty much up & running as we landed for them. On our own I think we'd have had a ball because that little bit of extra life experience gives you significant advantages over seeing the wood for the trees and avoiding the undoubted hype and drivel particularly from real estate agents for one! Don't let age put you off but it is hard work at first and that is regardless of any other baggage!!

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Hi

 

We have been here nearly 5 months and are both 43. My wife Lisa is a nurse and I changed my career as well and am at the Queensland police academy training to be a police officer. Would not change a thing. You only live once and we have got a lot to cram in Before we croak it!

 

John


Living The Dream!

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It's not the mortgage so much as the super that you need to worry about. A lot of people move in their 40s (and 50s - Aus is a fairly itinerant country) and take on a new mortgage but the anticipation is that they will have accrued a shed load in their super that they will be able to pay off the mortgage with their lump sum so they are mortgage free by the time they are 60/65. You really have to pack away your super and save more than the minimum or you will be having a fairly impoverished retirement - the Centrelink aged pension is means tested.

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Surly, it all depends on the cost of the property, the size of the deposit you have, the amount of money you earn.....

not meaning to sound on the fence here but a little more content is needed.

Personally i have property in the UK (On a mortgage) and looking at the exchange rate, house values in the uk.... Property prices and inflation in OZ We are going to carry on Renting Here and letting out in the UK.

We lived in a very cheap part of the UK and on a straight mortgage transfer would be swapping a 5 bed house to a 2 bed unit (perhaps not that diff to moving to London).

BTW I’m 42 and the better half is 50

Steve


Steve, Cath & Maddie: Job offer 1/2/11, 457 started 1/3/09, NSW nursing reg completed 1/11/09, Meds 5/1/10, 457 approved 3/3/10, Were here 29/7/2010: Off again :eek: EN 856 meds taken 24/1/11, 856 app submitted 28/3/11, 8/5/11 Perm Res Granted

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Guest VickyMel

I shouldn't be on this thread as I'm only 29 of course (yeah right)

 

But as Quoll points out it is the super that worries me more. I have travelled so much and not built up a pension.

 

That is one of the things we are urgently going to be looking at once we arrive.

I should also start looking at who to put it with as I remember reading a post ages ago about the top super companies to go with in case you get a choice and am annoyed now I did not put the details down then.

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Thanks so much everybody for all the replies. I feel a lot better now than I did yesterday, and it helps to know others are in the same boat and finding it manageable. Cant wait to head off now, tickets booked for August 15th! Yay!

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I don't get on the forums much these days but thought I'd reply to this one.

 

We came over a year ago - both in our 40's. We rent for now as the housing market looks uncertain but don't expect a problem to get whatever mortgage we need (hopefully small to none), as we will have a good deposit from the sale of our last house and have decent incomes. Wouldn't it be the same situation apply if trying to get a mortgage in the UK in your 40's?

 

The two biggest issues with coming over at our age are

 

1) Your savings will not have the same value in Aus as they do in the UK, this is largely down to the exchange rate, and that could go either way but for now is historically bad (3 pounds for a loaf of bread anyone?). I feel less wealthy here, although thats partly because we left our savings and investments behind and started more or less from scratch. Not complaining at all, we're in a fortunate position.

 

2) Making friends is tough - most people of a similar age already have their "friend network" in place, we have no children though, I've heard that makes it easier.

 

There are loads of benefits though, not least the low unemployment, job opportunities.

 

P.S. Good to see you still around Vicky - hope your plans to get over here are progressing!


ACS Group B 14/5/09-25/6/09|PR Appllied 27/7/09- Granted 3/11/09|Touchdown 10/5/10|Citizen 8/10/14 :cool:

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Guest VickyMel
P.S. Good to see you still around Vicky - hope your plans to get over here are progressing!

 

Good to see you too Freebo :hug:

Point 2 will be a positive for me as well then I hope.

Yep, plans progressing - we are planning on making the move in July although flights not booked yet.

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We got a 30 year mortgage after 4 months of arriving. Just had to supply 4 payslips, savings etc.

 

Quoll raised an interesting point about super. We didn't really look into this until last year. We went to see a financial advisor who basically said on our current contributions we would be well below the average retirement super. We worked out how much extra we needed to put into it in order to get a reasonable pension - unfortunately the extra contributions were beyond our financial ability.

 

Wished we had sought advice sooner.

 

sunni

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We are 40 and 41 with a young family. Yes abit concerned about the prices of houses in Perth, 9 times the average wage!!! So will be renting for a while until we get an idea what we can afford, and we are back to 2 incomes!

 

There are several factors, what equity we have on sale of our house and thus deposit for Oz (if any, the way Ireland is going), also the exchange rate.

 

Nevertheless, I will downgrade to a smaller house (easier to clean! ha) or whatever to make it work.

 

We lived in Perth for 3 years over 10 years ago. We had great work opportunities and absolutely loved living there.

 

There is very poor work prospect for hubby here for the foreseeable future, so Perth here we come. (I never wanted to come back to Ireland, really fell in love with Oz, so its all good!).

 

Anyway, Im a young 40!!! it may say that on my birth cert, but Im definitely more like 30!!! ha ha.

 

Cheers Cazmayo

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I will be looking into transferring hubbys pensions over to a super fund there (Ireland to Oz). I hope they are transferable!!

 

I have no pension.

 

Cheers cazmayo

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We got a 30 year mortgage after 4 months of arriving. Just had to supply 4 payslips, savings etc.

 

Quoll raised an interesting point about super. We didn't really look into this until last year. We went to see a financial advisor who basically said on our current contributions we would be well below the average retirement super. We worked out how much extra we needed to put into it in order to get a reasonable pension - unfortunately the extra contributions were beyond our financial ability.

 

Wished we had sought advice sooner.

 

sunni

 

Sadly I think many people fall into that trap. Some of us salary sacrificed like billy oh in our 50s to get something even vaguely approaching a comfortable retirement. Financial advice is always a good idea and earlier rather than later!

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We got a 30 year mortgage after 4 months of arriving. Just had to supply 4 payslips, savings etc.

 

Quoll raised an interesting point about super. We didn't really look into this until last year. We went to see a financial advisor who basically said on our current contributions we would be well below the average retirement super. We worked out how much extra we needed to put into it in order to get a reasonable pension - unfortunately the extra contributions were beyond our financial ability.

 

Wished we had sought advice sooner.

 

sunni

 

Yes, it was an excellent point made by Quoll , and one we will definately be looking into sooner rather than later. Sunni , did you get a 30 yr mortgage in you 40's? Like lots of people we are having to rent out our house here which makes it unlikely , considering the high rentals in Oz, that we will save enough for a deposit, so I dont know if buying a property is feasible at all in Oz. I was thinking that by the time we came to sell the house here, hopefully prices pick up a bit in couple of years, OH be nearly 50, and couldnt see getting a mortgage at that age , not for 30 years anyway. So that means we'd have to rent forever, and what happens when you reach retirement age??? Maybe I'm just panicking !

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We were both in our mid forties when we first arrived in OZ five years ago. We had a reasonable deposit and found it quite easy to get a mortgage. The Bank offered us more, just in case we wanted a bit extra for a car or renovations etc, but we would have to pay an 'insurance' on top of the repayments. we decided not to borrow the extra.

 

sunni x

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