Hi all
I am new to this so bare with me. Hope someone can be of help. Myself
and my wife are having a very difficult time deciding what the best
course of action is regarding investing in property/properties and
possibly putting a deposit down of $200k towards a house here where we
live in Sydney! which my wife and kids want at this moment!
We have arrived from the UK (Sorry another one!) searching for a better
lifestyle which Australia has over here.
Unfortunately I am struggling with job prospects due to being hard of
hearing. (I am a plumber by trade in UK but would need to study for 4
years over here on apprentice's money!!!! At age 37 this is not a good
thought!) Therefore we are looking at other options.
My wife has had to take a full time job on, which was not the plan but
would continue if things could change in the next 12 months or so and
as long as we are investing in property this could work out and bring a
profit in (don't we allwish!) so she could spend more time with the
kids!
This country is wonderful but now thinking of returning to my former job
in the UK which would help support my family a little easier! MORE
RAIN not a nice thought!!!!!!!!!!!!!!!!!
I suppose I am asking is this: If we take the risk and make some good
investments, would my wife be able to work part time after such a short
period of time (12 months) ?
I know there are lots of variables on this but we can afford to pay our
rent here if my wife continues to work full time.
We would appreciate any advice or help.Thanks
i think you are better putting your money in a buy to let property in UK. My flat in Cenbtral london increased in value 4% in month of April. 11 years straight growth in London property market. I am a POM too, looking to invest in property market to take advantage of no transaction cost as first time buyer, the market here is stagnant and maybe no growth for yaers or so, depends how you wan to make cash in short term, but I think unless you get reno add value etc if you want capital growth forget sydney. It is not yet a truly internaltional city.
Hi ugez009,
Are you able to qualify for first home buyers grant even though you already own a property in UK? I am thinking of buying a place in NZ and little further on one in Sydney. I am wondering if I would be able to get the grant for the Sydney property (which I will buy after I have bought the NZ property).
Cheers
Dogberto
Hi Golderneye,
sorry to hear your start in our great country has been a bit tough. Hang in there mate.
An option may be for your wife to work full time to pay the rent while you be Mr. Mom for a while. Keep your eyes and ears open and jobs always turn up for those who want them.
Putting your $200k into an investment that will give you a return that will allow your wife to cut back after only 12 months is highly unlikely, and if it was; it would be highly risky I'm betting.
Have you heard of the ING SAVINGS MAXIMISER ACCOUNT? It is an account that you transfer money into from your existing Bank account, except it pays a much better rate than any "normal" bank – about 6% currently. There are no fees and it is totally safe, and you have access to your money with 24 hours notice.
The address is http://www.ingdirect.com.au.
The interest on $200K would be $12k per year; this would pay a few bills while you are getting on your feet.
There are a couple of other institutions offering the same product now; Bank West, N.A.B. I have been with ING for several years.
Once you're settled in and working you can then do something more serious with that $200k.
Golderneye,
A couple of things. Firstly I would make serious enquiry about getting your trade Qualifications transfered. We have family friends who moved over from the UK and settled at Forest Lake in QLD. He had his qualifications transfered after some minor testing on the plumbing code and working with a licensed contractor for a year. Look at other employment options, the only people unemployed at the moment are those that choose to be. Check out the Commonwealth Govt employment services, they have free support in job placement for people with disabilities (Such as hearing impairment)Secondly, get settled in over here and really work out what you want from the lifestyle change you have embarked on. Sydney may not be the place for you in the long term. There are so many beautiful places in Australia to check out.
It might be important to securely 'Park your money' until you buy a PPOR. If you take your time to get to know the market you will do better in the long run. I don't foresee any massive increases in the market in the next 6 -12 months, just an upturn in investors. Increase you knowledge in the meantime. Welcome to Australia
JTWMy dad brought us out from Wales in 1966 and he was chief plumber on West Glamorgan council. His pride wouldnt let him do the 4 year apprenticeship here he then needed to get an aussie plumbers licence. He regretted it till the day he died 7 years ago.
Now with what someone posted about taking a year to get qualified. With the average plumber now 50 and a lot starting to look toward retirement, a good stable family plumber would never be short of work on a really good income. Get your qualifications, come to Coffs Harbour and make a mint!!!
Service in country towns is non-existent. Asked a landscaper to cut down 2 trees, he said see you monday and that was 2 1/2 years ago. A plumber said Ill be there tuesday, thursday 2 weeks later he rings and says yeah i meant to get over there last week, do you still want me to come? One electrician was asked to put in 2 new circuits for air conditioning and did only one circuit at a rediculous price, I then got another guy to do it properly which took another 3 weeks to get done.
Start to get the drift??
Beautiful coastal country towns are getting bigger and if you bite the bullet and get certified then you can basically write your own ticket.
Whatever you do, good luck
DD
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