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Financial Madness?


ryu2000

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Hi...

 

First time poster here. I have been offered sponsorship by a company in Perth on a 457 visa for two years. If this works out they are will sponsor me for permanent residency.

 

I have a lot of family and friends in Perth and love the city. To experience working and living there would be a great experience.

 

The company have offered me a starting salary of $85,000. We would be moving out with circa £10,000. Is this a decent starting salary? There seems to mixed opinions on this here.

 

The problem is I have a property back here in the UK. It is my intention to rent this out to cover my mortgage (£500) as it is proving impossible to sell this property at the moment. I would need to budge circa £500 a month from my Australian wage if I did not have a tenant in the flat. In all honesty I would also rather keep the flat if things don't work out in Oz on the 457 visa.

 

I am wondering whether it is madness to even contemplate this move. My wife would be moving out here and would also be looking for work so if she got work obviously there would be extra cash.

 

Is this financial madness or should we just go for it?

 

Any advise appreciated! :biggrin:

Martyn...

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Guest NeilEB

I think the answer will be "it depends".

 

Where are you looking to live, what type of house, what are you used to in the UK (you mention a flat, so I presume you aren't used to lots of space).

 

I'm hoping for $90k, but I have a child as well (although we will need to sell our house, so I wont have the expense).

 

If you want a house on the beach with a swimming pool, I reckon you could be struggling. If you are happy commuting a bit, and don't want a mansion, and are sensible with money, I reckon you'll be ok, especially if you kick the wife out to work too.

 

One question I have - make sure the company aren't ripping you off - offering you a low salary because they are sponsoring you. Make sure you are getting market rates for your job. Also on the temp visa you might be eligible for help from the goverment (sure I remember reading that somewhere - someone else will be able to help more).

 

Finally, bear in mind that a temp visa is just that - temporary. You will find it very hard to move firms, so make sure you get the best deal you can, whilst you can!

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Guest Har00n

With regards to the government help, i think Neil was referring to LAFHA. stands for Living Away From Home Allowance. Its up to the company that employs you wether they want to go for this, but might be worthwhile asking your company.

 

On a personal note, i'm going to be earning slightly less, and plan to shift about £900 a month back to my mum. Means it might be harder for me to save money, but i don't think its going to be a huge issue for me. Plus, wife is hoping to get a job aswell, so the double income would help us out.

 

Its rather a personal decision, and depends on what kind of lifestyle your after.....

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For the replies...

 

I think the salary is just about right for the position I have been offered.

 

With regards to the financial side of things that is the worst case scenario if I can't rent or my wife doesn't get a job. The bottom line is I can't sell the flat luckily the mortgage isn't huge.

 

I can't say I would be after an extravagent lifestyle. I like the simple life. We have enough money to cover the mortgage for 6 months whilst we are out there. I guess this would give us enough time to figure out how much money we will have per week in the advent of the 'worse case scenario.'

 

I can't say I'm 100% about even staying in Oz. I just want to experience it for a couple of years. Then see what happens. After buying a house in the UK I won't be after buying a house in Australia. I never want to buy again so I'm happy to rent. And I have no illusions about renting a villa on the beach so no worries. Me and the wife are pretty grounded in that aspect.

 

I'm going to go for it...thanks for the advise and good luck to you all. I will post my experiences there once we get there...:smile:

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Guest Har00n

No Worries...

 

BTW, most wages appear to be paid either weekly or fortnightly, which i reckon will help a lot in budgeting.

 

On 85k, your looking at just over 5K a month after tax, i think.

 

If you look at domain.com.au, you will get an idea of rent prices.

You can get something pretty decent for $350 a week, so 1400 a month, leaving you around $3600 for bills and food.

 

I reckon you'll be allright.....

Of course, a lot of this is guesstimates on my part, but there are websites out there that breakdown the cost of living for you...

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Didn't realise the wages were paid weekly...that will help a lot!!! Thnx!

 

Like you say its all guesstimates and whatever happens if we don't at least try it I'll always regret it in the future...!

 

Where are you moving from? Have you been to Perth before?

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Guest Har00n

Never been to perth, not even a reccie.

But a wise man once told me ' you only regret the things you havent done...'

 

so am going for it.

 

true i'll be a bit tight for money for a while, but i'll have a place to sleep, and money coming in (in my case every fortnight), plus the weather will be nice enough for me to go outside for a bike ride/walk/ whatever! They say a change is as good as a rest... lets see if thats really true.....

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Good statement...!

 

I've been three times now. A month a a time. Got a few family and friends out there so want to give it a go for a few years at least. Just waiting on this 457 now.

 

After a bit of a health scare last year kinda realised you only get one shot so not bothered about stuff like mortgages or pensions it really is live for the day for me now.

 

As much as I love Manchester and the UK I would always regret it if we don't try it.

 

Any ideas where you will be staying?

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Guest Har00n

Ive booked a wee short-term place in clarkson to begin with, will be looking for long term renting near the CBD once im there.

 

Might spend the first 6 months in and around CBD, then once i have a feel for the place, look for something else maybe south of the river...

 

Like yourself, i'm pretty much take it as it comes.. I have no delusions of ever beign filthy rich now, as long as i can chill and enjoy and explore, i'll be happy...

 

:)

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My foray into the property world will be my last...once the market picks up in the UK I'll look to get rid ASAP for the lowest price possible...what a ripoff.

 

I've looked everywhere. You can get a furnished apartment for circa $400. I've looked at starting off in Joondalup where I'll be working. I want to be close to work as we won't have a car straight away.

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