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Financial risks in migrating to Oz |
| Written by Bob Kelley | |
| Monday, 28 April 2008 | |
| Last week sterling hit a 10 year low against the Australian $ so it is now even more important that those considering migrating ‘Down-under’ should take expert advice, say migration finance experts Montfort International plc (www.miplc.co.uk). With Australian mortgage lenders variable rates at close to 9% and a faltering property market in the UK, your financial position should be top of the list. A family converting £300,000 at the end of February 2008 might have in the region of $630,000 to get them established in Australia. Whereas someone who had planned ahead and arranged a forward contract (where you lock in today’s rate with a deposit of typically 10% and settle the balance at an agreed point in the future) as recently as August of last year, could be sitting on $768,000. How long would it take you to save that additional $138,000? All very well with the benefit of hindsight, however a good financial adviser would have had you monitoring the exchange rate as soon as you had started your migration planning, putting in place a strategy to help you capitalize when the exchange rate is favorable. In the current climate you need to be thinking about whether you should convert your capital into Australian dollars; after all, the situation could get worse before it gets better. Should you hedge your bets and exchange some of your funds now? What are the tax implications if you don’t convert prior to departure? How to get the best returns on your money whilst you wait for the situation to improve?Whatever your financial intentions, seeking guidance early from the qualified advisers at Montfort International ( This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement ‘Down-under’. |
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