Just a few tips for planning ahead financially before moving out to Adelaide:
- Bank Accounts -
- It is worth considering leaving a Bank account open so that any future UK payments can be met quickly and easily (i.e UK State Pension top ups, life insurance etc, see below);
- UK Private Pensions -
- It is a good idea to contact the Pension company and get an up to date benefits statement if a final salary scheme of market valuation if a market linked plan and also a policy/scheme booklet;
- UK Assets -
- As capital gains in Australia are generally looked at based on when you become an Australian resident (for visa purposes) try to obtain a valuation of your UK assets i.e property, investments etc at the date of arrival;
- Renting out your house -
- If you are going to be renting out your house due to not being able to sell it (or waiting for prices to improve), a consideration may be to release some equity before leaving the UK to use for a deposit on a home in Adelaide (if of course you are relying on the equity in the UK house for a deposit).
- It is very difficult and in a lot of cases not possible to release equity on the UK house whilst here in Australia and this might mean not being able to buy until the house does sell. (Before embarking on this you should be aware of the implications this might have on your Australian mortgage borrowing ability/power).
- Life Insurance -
- Contact your Life Insurance company to see if the cover will still be valid if you move overseas to Australia. With some companies it will be valid but with others it will not. Ensure if it is that you get something in writing confirming this.
- UK State Pension –
- Contact HMRC for a State Pension forecast, this will give details of how many qualifying years you have towards the State Pension and the amount you are entitled to.
Please note that the above is not to be taken as financial advice but merely general information. If financial advice is required you should consult with an Adviser about your individual circumstances.