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Thread: Money Worries

  1. #1
    sleepy is offline Junior Member
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    Unhappy Money Worries

    Howdy folks, this is a great site and Im sure comes in very handy for a lot of people.

    I doubt I'll get the answer I want to hear, but just wondering if anyone has made the move without the same problem I have.

    I'll do a bit of background first. I was over in New Zealand for a month and a half last year, and thought it would be great to move out there permanently. Im a single guy with no kids, so wouldn't really have wanted to go out there alone (Im shy, awwww) ... now one of my friends has told me that he's going over in January next year with a job offer doing Physiotherapy, so obviously Im jumping at the chance to go with him.
    Im a web developer, so I think that should be enough to attain the visa to go over there (was thinking of getting a 1 year Working Visa, looking for a job out there, then applying for a proper visa once the job is secured, is that ok?).
    The main problem I have is that I own my own flat in Scotland, UK, but have negative equity of probably about £20k in secured loans against the property. So, my question really is, has anyone made the move in a similar situation?
    If I sell my flat over here, will the secured loan people demand the money owed back immediately, or are they likely to just switch it to an unsecured loan?

    The other possible option is to rent out the flat in the UK and hope any rent will be sufficient to cover the mortgage on the property, then just continue paying back the loan for a good few years and hope that eventually I can sell the flat and pay back the loan and the mortgage. The problem with this is that the loan repayment would amount to about $900 (NZ) at the current exchange rate ... and that's only if rent will cover the mortgage repayment. I understand that the salary will be less in NZ, but will $900 a month be an affordable sum of money to pay out before I've taken into consideration any rent, and other living expenses in New Zealand?.
    Also, would there be any New Zealand taxes I would need to pay on the rent from the UK property?

    Sorry, im totally clueless about money and money issues.

    Thanks for any replies and / or suggestions, I really want to move out in January but at the moment don't think it's possible.
    Last edited by sleepy; 11-07-2007 at 04:53 AM.

  2. #2
    MotherBear's Avatar
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    Sleepy. Welcome to our happy band.

    This is just a quick reply as it's bedtime here . If you aren't able to pick up a job offer before leaving the UK you could travel on a Visit Visa, look for a job, then apply for a Work Permit once you have an offer. Alternatively, if you're under 30, you could apply for a Working Holiday Visa and, in the same way, look for a job when you're there.

    As for your flat, I don't know anything about secured loans so I'll leave it for someone else to look at, but it might be an idea to rent the flat out for the time being until you've sorted yourself out in NZ, in case things don't work out and you need somewhere to come back to.

    Regarding your job as a Web Developer, do you have qualifications to back it up as that will probably be necessary for you to move forward in applying for Permanent Residency?

    Sorry that this is a bit of a rushed reply, but just wanted to say 'Hello' and let you know that we're here for you.
    Mother Bear

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  3. #3
    sleepy is offline Junior Member
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    Thanks MotherBear :)

    In UK qualifications, I've got an HNC and a HND ... not sure if that qualifies as enough, I have worked as a developer in the same company for 8 years now though.

    I was planning on getting a working Holiday Visa, then using that to try and find a job while over there, im 29 at the moment, 30 in December, but cleared it with immigration New Zealand and they say it's fine to get a working visa as long as im 30, and not 31. So, I'll probably go that route, so if I do run out of money while out there I can always work at a vineyard or something to get the day to day money I'll need.

    To be honest, what I was thinking about doing with the flat was to remortgage it to get some capital to make the move, like I said im useless with money, no savings or anything to back myself up with, it's all a bit last minute to be honest, but aparently I can't do that, as I can't release funds in the property without paying back the loan people first. That's probably best 'cause I doubt I can afford to repay the loan as it is (without taking more out on it) on a NZ salary as well as afford to live over there.

    Im gonna go to the NZ Expo in Manchester in October, so I'll hopefully get a better idea of what options I have after that, being able to go really depends on what kind of salary I can get over there I think, unless there's some option where I can ask the loan people to reduce the monthly payments by about a third.

    There is probably an obvious answer to this question, that being No, but I'll ask anyway ... Would it be possible to buy a business, ie a bar, or small sandwhich shop (and work in it), and use that as a reason to apply for a Work to reside type visa? ... I assume not as there will be native New Zealanders that could probably buy the business before me.
    Last edited by sleepy; 11-07-2007 at 11:43 AM.

  4. #4
    Taffy's Avatar
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    Hi Sleepy, welcome to the forum

    I'm not entirely sure if the laws in Scotland are different, but certainly in the rest of the UK if you sell a property with security against it, the solicitor who deals with the sale is duty bound to clear those debts before they pay you anything thats left over, if there is anything. In the case of negative equity, you may be forced to repay those loans at the point of sale. Maybe a call to the loan company to ask them if they would change it to an unsecured loan would be in order.

    The WHV is a great route to take, as you can take other work if the money runs short, while looking for 'the' job to secure a more permanent visa.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  5. #5
    sleepy is offline Junior Member
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    Thanks Taffy.
    This is really driving me nuts now ... I havn't even made a firm decision on wether or not to go yet, but im still cacking myself at even the prospect, I don't know how you people do it.

    I think if I had some disposable money I could throw at it, I'd feel a lot happier and confident about the whole thing, this debt is really worrying me though. Im just not sure if I would be able to continue to make the payments on a New Zealand salary.

    Has anyone made the move with UK debts to repay?
    If so, how did you find it ... I've read some real horror stories, and I think just really need some positive feedback on the reality of the situation. ($900 a month sounds like a lot to be paying out before I've even paid rent, or any living expenses). As much as I loved living in a van when I visited last year, im not sure I could do it forever

    I'll phone the loan people later today and see if there's anything they can do, reduce the payments or something.

    I'll let you know what they say, cheers folks.

    EDIT : Just did the EOI point scoring test thingymabob and got a score of 85 :(
    It did jump up to 180 though if I said I had an offer of skilled employment, so that should be fine. Just need to find a job and sort out the money issues ... piece of cake (not!) :)

    Sorry, got another question relating to that ... Can you apply for residency in New Zealand (ie, get a job offer on a Working Visa), or do you have to leave and do it from the UK (or your country of residence)?
    Last edited by sleepy; 11-07-2007 at 10:43 PM.

  6. #6
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    You should have a play with the salary calculator on our website, to see what sort of salary you would need to cover those repayments. Then, look for jobs in your field and see what salary you can potentialy earn.

    Whatever you do, don't try and make the shoe fit as that leads to trouble. Keep it real!

    You can apply for PR in NZ, theres no problem with that at all.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  7. #7
    sleepy is offline Junior Member
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    Thanks Taffy, I did have a play about with that the other day ... the only problem is, I've no idea what kind of Salary someone like me would be able to achieve in New Zealand.

    I've submitted myself to a few Job websites in New Zealand, just to see what's out there, any jobs that are listed though don't ever tell you a salary.

    I'll worry about the other issues and see if I can find some more information in the mean time, i've got the expo in October to go to, so if I haven't found anything by then , they should be able to give me a better idea.

  8. #8
    MotherBear's Avatar
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    Quote Originally Posted by sleepy View Post
    ... the only problem is, I've no idea what kind of Salary someone like me would be able to achieve in New Zealand.
    Sleepy have a look in here to see if you can find your job. Quite a few examples are quoted for Oz but there's ones for Auckland and Wellie that might give you an idea. Of course, salaries could be a bit higher in the cities as the cost of living is higher.
    Mother Bear

    Try to bloom wherever you are planted.

  9. #9
    sleepy is offline Junior Member
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    Thanks for that, I think i've already looked at that too.

    That only lists "Programmer" really, and "programmer" covers a wide range of abilities, languages, platforms and skills.
    Im not even sure if I would be classed as a programmer, I am a programmer in the sense that I program and code websites, but I think "programmer" is more software and hardware oriented, than web type stuff.

    If I can get $50k, I should be ok.

    Im just getting a bit over my own head now, looking at buying a small bar or something, I've seen leases online for a bar with an attatched house for $20k.
    If I can get a mortgage for that it'd be awesome, do my day job and hire someone to run the bar, the revenue from the gaming machines pretty much covers the monthly rent, so I may be able to get a bit of extra money from profits ... I am getting in a bit over my head now though, havn't looked into the technicalities of this type of venture or anything, just letting my wee over-imaginative mind run away on it's own imaginary visa

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    Macfod bought himself a cafe and set himself up in Dunedin. These are links to his progress, which amazed us all.

    Here, here and here .
    Mother Bear

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