dont know where to turn

[David_Dublin]

Originally Posted by mtk

yes it is right
Term is more or less irrevelant as in first 4 years you are mainly paying interest unless its very unusual like 10 year term.

Most of us know that most peope borrowed the maximum. Given op stated financial position i doubt they had much equity.

Of course currnet prices matter - she is going to sell it!! and Equally most people overestimate the value of their house as they feel attached to it which is what OP needs to consider.

My typo, I meant to type "rather than just price". Oops.

"Most of us know that most peope borrowed" - I'm not sure that makes any sense, which is the point I was trying to make.

Also, I understand that one pays mostly interest for the first few years on a mortgage, but the term is very relevant. And quite a few people I know borrowed over 15 year term, though admittedly not having bought at 2006 prices.

[David_Dublin]

Anyhow, sorry to the OP for taking attention away from the question.

I would suggest getting the house valued. Try to see if there has been any movement of similar houses in your area, and what price they went for. This will give you some indication as to what you might be able to sell for. That gives you a better undertsanding of where you are at re other loans and things.

Dont make the mistake of planning your move to Oz until the house is sold, I have a close relative who did this, and you dont want to go there. If the move to Oz is the right one for you, it will be right in another 6 months or so.

Good luck!

[mtk]

I wish you good luck too but please check your assumption about being be able to pay off mortgage

[PatriciaFox]

Originally Posted by clzn

Thanks Patricia for the info on visas. If we do this, we would be applying under an independent skilled migration visa - my husband has a trade. I know there are costs involved in applying for visa and are non refundable if visa is refused. I do think however that he would be successful in getting his visa as his trade is on their wanted list as is my qualification (childcare mgr). He is only waiting for me to say Yes lets do it. and thats the hardest part. As for my debts, as i said before i have a good record of payments over the years and over the last few days i have begun to feel a bit more positive about paying them from abroad.

Thats good he has a trade, however be aware that tradies from all over the world will also be applying for the same type of visa and that it takes approx 18 - 24 months to process if successful. It needs to be applied for from outside Australia and a case worker from UK will most likely be assigned to your case.