Guest The McT's Posted October 15, 2007 Share Posted October 15, 2007 anyone got experience of renting their house out & dealing with regular moneytransfers between uk & oz? Looks like we might have to rent our place out as housing market has ground to a halt around us....... loooking for some general tips and intersted to hear if it worked for you, or was your letting agent a nightmare?? Link to comment Share on other sites More sharing options...
Guest Windsor2 Posted October 15, 2007 Share Posted October 15, 2007 Hi there, With regards to sending the funds across on a regular basis, you can actually fix a rate of exchange for up to 2 years. HiFX organises a direct debit for you so there are no bank charges to pay and you know exactly how much you are getting each month. Please call our Regular Payments team on 01753 751768 to discuss this in more detail. Regards, Richard. Link to comment Share on other sites More sharing options...
Guest jeffandmichelle Posted October 15, 2007 Share Posted October 15, 2007 im on the understanding you pay tax on income over £6,000 on property in the UK but not sure if you get wacked on the Australian side also, anyone know the answer? would appreciate it Link to comment Share on other sites More sharing options...
Guest jeffandmichelle Posted October 15, 2007 Share Posted October 15, 2007 hi Richard windsor2 thats a good idea unless of course you leave limited funds in the UK account then have a problem with rent collection that could send you in the red and get stuffed with bank charges, or would that not happen, i dont know im quite ignorant to these things. but sceptical when it comes to banks i filled in the online form weeks ago on the hifx website with a query but got no reply, maybe you could help? the rates advertised on the hifx site are interbank trading rates, how can a customer keep an eye on there own rates without making regular phone calls? what would be an average difference between the interbank rate and a retail rate? many thanks Link to comment Share on other sites More sharing options...
ali Posted October 15, 2007 Share Posted October 15, 2007 I'd look into if you'd get hit for tax this side too and it may be classed as an income. Ali Link to comment Share on other sites More sharing options...
Guest EM&M Posted October 15, 2007 Share Posted October 15, 2007 Yes you do have to declare any rent and income even if you are paying a mortgage on the property and it cancels each other out. We look some equity out of our property to relocate, rented it out but left enough money in the UK to come the mortgage for 12 months incase there was any problems. Of course you can use an agency who will guarentee you the money and charge you approx 15% for the management fee. Em x Link to comment Share on other sites More sharing options...
Guest JoanneHattersley Posted October 16, 2007 Share Posted October 16, 2007 we rented out a UK property while we were still in the UK! NIGHTMARE! Link to comment Share on other sites More sharing options...
alcocainmel Posted October 16, 2007 Share Posted October 16, 2007 I worked in a letting agent in the UK....a real eye opener I can tell you!! :arghh: Link to comment Share on other sites More sharing options...
Guest Windsor2 Posted October 16, 2007 Share Posted October 16, 2007 Jeff and Michelle, I can only apologise that you didnt receive a reply - if you email migration@hifx.co.uk I will make sure we get in contact with you (just quote our conversation on here). As for your questions, the only real way to follow the rate you will receive would be to contact one of the dealing team by phone - the rates offered are volume driven and often depend on the volatility of the market. There are no set spreads as we look to get you the most competitive rate on the day. However, with the Regular Payments, the rate is fixed from the outset, so you do not need to worry about the rates moving up or down. If there was a delayed payment of the rent. for example, then we can roll the months payments over if necessary, but to discuss this in more detail then please don't hesitate to contact us. I hope this helps, Thanks, Richard. Link to comment Share on other sites More sharing options...
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