We are a young family emigrating to Oz. I’m an aussie girl who has finally got her pommy partner to see sense and move with our kids to my home in Perth. The problem were having is we still have loans etc to pay, but the exchange rate would cripple us if we paid them off back home. Has anyone else had similar problems and how can we transfer the debts, but still be able to live. Could we get a mortgage to go with? Please help!!!
Tags: loans, Migrating, Outstanding, Take, When
03 Jul 09 5:45 pm
i have just moved tyo america and am paying of a loan in england the way i have done it is by setting up a direct debit from my bank to the loan company ( the same bank)
i then go to the bank here and do a money transfer to my bank every 6 months with the amount im gona need for the next 6 months + 1 month extra
( my family is still in england and i intend to write them a check for the reminder of the funds once the loan is paid off so that the acount closes)
but best bet is speak to the loan company as i know a lot of them have branches or arangments with outher banks in outher contries ( i live in a remote part of america where there isent a link to mine)
03 Jul 09 9:57 pm
I had the same problem when leaving the UK.
I ended up paying off my loans with a UK credit card, which I took to NZ. There, I bought a house, and a year later after making minimum payments for a year, I was able to re-mortgage and wipe out the British credit card debt. This may be the way to go for you, too.
04 Jul 09 3:18 am
I feel it will depend upon the bank, so ask them