Advice for my situation

melaco on 12/08/2014 - 13:22
Last edited 12/08/2014 - 13:22

Hi everyone,

Currently looking to do a major overhaul on the financial options I have and I'd really like to hear the advice that you could all give me. I'm going through some changes in my life very soon so I need to assess what is the best thing I can do to set myself up for the future. I'll list here my current and future financial scenarios:

● I am currently living at home with my mum and have had the same full time job for the past 8 years

● I have had a rental property for the past 4 years

● My home loan and credit card is with Bank of Melbourne (would consider changing for a better option)

● I have set up to always pay the credit card balance before interest is charged

● I will be getting married in early 2015

● Me and my future wife are planning on moving to London for a couple of years after the wedding

So considering all of this, is there any advice anyone here could give me? Or is it best to make a appointment with a financial advisor or broker? A few things I would like some tips on are:

● Which bank offers the best deals for having a home loan and credit card with them?

● Seeing as I'm getting married soon and we will be spending a significant amount on the wedding (I calculate around 30K-35K) should I consider getting a rewards card of some sort? Something like the ING cash back offer would be ideal but that's only for purchases under $100

● How best to set up our finances here if we will be living and working overseas for a period of time?

I'd really appreciate your input as to what I should do. Thank you all in advance!

Financial

Comments

  • melgibson on 12/08/2014 - 15:56
    -2

    You know, if I wanted to do some free market research, my question would be set out similarly.

  • Wjkl on 12/08/2014 - 16:14

    Hi Melaco

    Considering you will be living in the UK for a couple of years, you should seek tax advice from your accountant as you may be a non resident of Australia for tax purposes during that period. This is likely to impact on how your finances are currently structured.

    The ATO website has some general tax advice, however, it is best to get tax advice specific to your circumstances. There may be both Australian and UK tax implications. Check with your employer if they are able to assist if you are seconded to the UK through them.

    Best of luck and congratulations on your upcoming wedding.

    When it comes to wedding expenses, it is best not to go overboard. I personally saved most of it for my home deposit. What many people don't factor in is that the Australian housing property prices do not stay stagnant whilst they are overseas.

    Cheers

    • melaco on 12/08/2014 - 23:26

      That's a good idea, I'll definitely be having a chat to him when I'm ready to do my tax return.

      Thanks for the well wishes, we're trying to save on as much as possible. Unfortunately most wedding related items are just so damn overpriced!

  • mskeggs on 12/08/2014 - 20:27

    Have you considered your long service leave entitlements? The scheduling of your trip would be best done after your tenth year work anniversary, depending on your state's rules.

    • melaco on 12/08/2014 - 23:29

      Yes my work awards us with the right to take long service leave after the 10th year. But I can also claim it pro rata after the 7th year. So there's really no point in waiting for my 10th anniversary

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