TheHarrisonFamily

Buying a house query...

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    Hi

     

    I dont know if anyone can answer this.

    We have rented out our Uk, but have quite a lot of colateral tied up in it.

    We are in Oz in a rented house, but are desperate to have our own house we can call home here. Living in a rental is not allowing us to settle and we feel we would be much happier in our own home.

    We have looked into it and you need to have a fair amount of cash to put down, what with stamp duty and deposit, fees etc.

    We just havent got that sort of money and with putting a daughter through Uni here, with no HECS help, then i cant see us saving it either.

    Is there any way we can use the colateral tied up in our UK house, in any shape or form, to use towards the start up fees here?

     

    Many thanks

    Donna and Rob

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    Guest BurgessFamily

    I believe you have two options: A, sell up and release the equity; or B, re-mortgage and release some equity.

     

    If you sell you may have to pay capital gains, if there are any between your arrival date (the day you activate your PR) and the date you sell. They will use the valuation you got just before you left blighty, or take the market value at that time.

     

    You are supposed to show several months of regular saving and not just a lump sum from somewhere - but I'm sure they turn a blind eye to that. :)

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