Returning from Australia with $160k

JJS

Registered User
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2
Hi

Myself and my husband are returning to ireland from Australia in the coming months. We have $160K saved in a 3.9% regular saver account here.

We are planning to use the funds as a deposit for a house in the next 12 months or so (depending on jobs, getting mortgage approval etc.).

I was hoping to get some opinions on whether we should leave the savings in Australia until we are ready to buy or is there a better option in Ireland, or elsewhere? We don't need access to teh money for at least 9 months and our key objective is to get as much of a return as possible with minimal risk. I have looked at some of the Term Deposits and other saving products available in Ireland but they don't look very appealing (with very low rates).

We have dual citizenship so I am also concerned regarding the tax implications.

Any suggestions would be much appreaciated. Thanks.
 
Generally speaking, you should keep savings in the currency that you intend to spend the savings in. Otherwise, you are taking on big FX risk.

Deposit rates for AUD are much higher than for EUR because the central bank base rate is higher in Australia.

I suggest:
(1) Convert the AUD to EUR as soon as possible, make sure you get a good rate, consider using an online currency broker such as Currency Fair.
(2) Deposit the EUR into a Nationwide UK (Ireland) 30 day notice @ 1.75%.
 
Hi


We are planning to use the funds as a deposit for a house in the next 12 months or so (depending on jobs, getting mortgage approval etc.).


Any suggestions would be much appreaciated. Thanks.

Do you have to be back resident in Ireland for at least 2 years before you will get a loan. ?
I may be wrong.
 
If there is any possibility that you will return to Oz I would not convert the savings. What if it doesn't work out for you in Ireland. Having said that all the news/talk is off an upturn. Employment rising etc.

Re tax, this is presumably savings from earned and taxed income. There should be no tax implications. But you may be asked questions by the bank as it's such a large sum. That is related to money laundering.
 
The exchange rate for the Australian dollars is at the lowest it's been for many years.
 
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