What's your prediction on the Australian Dollar?

[cove]

With the continuous building of apartments in Melbourne there would be many who signed up as pre sales who are now behind in value when a skyscraper next door has stolen their view.
Meanwhile the Australian dollar drop does seem to be quite positive for tourism in Sydney with giant crowds around the city.

 

[Reggie]

Well I'm very happy with the AUD-GBP at present, hoping for 0.50 rate this week as I'll transfer some more money.

OT, any advise on how to get a UK bank account with an AU passport on visitor visa. I can meet all the other requirements. My understanding from the banks is it is not a legal requirement just policies of the bank.

 

[whatmeworry]

Well I'm very happy with the AUD-GBP at present, hoping for 0.50 rate this week as I'll transfer some more money.

OT, any advise on how to get a UK bank account with an AU passport on visitor visa. I can meet all the other requirements. My understanding from the banks is it is not a legal requirement just policies of the bank.

You can probably organise one with HSBC in Australia or Barclays.

 

[MEL_Traveller]

Well I'm very happy with the AUD-GBP at present, hoping for 0.50 rate this week as I'll transfer some more money.

OT, any advise on how to get a UK bank account with an AU passport on visitor visa. I can meet all the other requirements. My understanding from the banks is it is not a legal requirement just policies of the bank.

I'd try to organise one from Australia.

This article may also be of use: Can you open an account without proof of address? - Banking - Guides - Moneyfacts

 

[lovetravellingoz]

My parents are currently having issues selling their house despite a bunch of offers because the banks won't give finance above the value of the house.

heated

I assume that is above the bank's valuation.

As the market has been overheated I assume too that the gap between teir valuation and the market offer is quite sizeable.

Sounds like the banks are beeing prudent.

 

[amaroo]

My parents are currently having issues selling their house despite a bunch of offers because the banks won't give finance above the value of the house.

Won't be long before those buyers are sending notes of thanks to the bank.

 

[Foreigner]

Sensible banks won't give finance to the value of the house...80% of value is more likely.

 

[MEL_Traveller]

My parents are currently having issues selling their house despite a bunch of offers because the banks won't give finance above the value of the house.

We know a couple of people caught out by this. The bank agreed a loan amount and property for purchase, but in between the auction day and settlement the bank has reneged and placed a lower valuation on the property.

The results have been pretty devastating for the buyers... unable to complete the transaction, with the seller's lawyers breathing down their neck. In one case the difference was substantial in the region of ~$75k. That friend had to take out several private loans.

After hearing about this I did some research on the internet - apparently not uncommon. The solution seems to be to shop around as different banks will agree different values. When the same thing happened to a friend of mine for a city apartment I suggested they try another bank. It worked. But there was still a lot of heart ache in the period between the first bank's change of mind and the approval by the second bank.

 

[Foreigner]

This shows valuations do vary. The risk is in buyers paying way above reasonable value at their peril.

 

[Danger]

Well I'm very happy with the AUD-GBP at present, hoping for 0.50 rate this week as I'll transfer some more money.

OT, any advise on how to get a UK bank account with an AU passport on visitor visa. I can meet all the other requirements. My understanding from the banks is it is not a legal requirement just policies of the bank.

If you find a way please post. I'm keen to open a GBP or, moreso, a EUR account. I'm in Europe at the moment but haven't had any luck. A bank in Paris would do it after some paperwork but required a minimum EUR10k balance.

You can probably organise one with HSBC in Australia or Barclays.

I'll have a look at those.

Incidentally, for anyone looking for similar in the US - Wells Fargo. I dropped by one of their branches several months back wanting to change travellers cheques. The clerk asked if I had an account with them to which I said somewhat pointedly "If I had an account with you I wouldn't need traveller's cheques, would I?" She politely invited me to open an account to which I said, again thinking I had the upper hand "I can't. I'm not a resident". Well apparently that doesn't matter. Fifteen minutes later I'm walking out with a savings accounts, a temporary access card and, gets this, a bloody cheque book! The physical card arrived in Australia a couple of weeks later. Online statements and a good app. Thoroughly recommend them.

 

[Foreigner]

Incidentally, for anyone looking for similar in the US - Wells Fargo. I dropped by one of their branches several months back wanting to change travellers cheques. The clerk asked if I had an account with them to which I said somewhat pointedly "If I had an account with you I wouldn't need traveller's cheques, would I?" She politely invited me to open an account to which I said, again thinking I had the upper hand "I can't. I'm not a resident". Well apparently that doesn't matter. Fifteen minutes later I'm walking out with a savings accounts, a temporary access card and, gets this, a bloody cheque book! The physical card arrived in Australia a couple of weeks later. Online statements and a good app. Thoroughly recommend them.

Your post jogged my memory...in 1996 I was in San Fran and thought it would be "cool" to have an account in the US. Opened an account with Bank of America, got a card (really, a debit card), the cheque AND deposit books right then. Every month thereafter, I received bank statement showing a debit for fees. My deposit was wiped out in no time.

I have chucked the card and the books and statements but kept the card wallet as a momento.

 

[Foreigner]

Topical commentary in the SMH about home lending:

Maximum loan sizes slashed: how banks are cracking down on borrowers

 

[JohnK]

Sensible banks won't give finance to the value of the house...80% of value is more likely.

Is this a recent development? In the 90's I used to be able to get 100% loan + all fees associated with buying. I guess times have changed.

 

[Flashback]

The big difference in Aus is personal liability for the mortgage - you can't stick the keys in the door and walk away. Provides greater incentive to stay even if loan is underwater.

That said I did read an article that said 40% of Melbourne apartments purchased over the last two years have gone down in price

Not surprising. Value tends to reside in land more than the building itself, so for that reasons houses tend to be better investments long term.

Well I'm very happy with the AUD-GBP at present, hoping for 0.50 rate this week as I'll transfer some more money.

OT, any advise on how to get a UK bank account with an AU passport on visitor visa. I can meet all the other requirements. My understanding from the banks is it is not a legal requirement just policies of the bank.

If you know someone in the UK, you can get an Australian bank / credit card statement issued to the UK address, then use that as proof of address. That's a workaround a few people I know have used as it can otherwise be difficult. Bar using the (paid) HSBC route for example, you have limited options as they tend to want proof of UK address.

Is this a recent development? In the 90's I used to be able to get 100% loan + all fees associated with buying. I guess times have changed.

Very common here, wouldn't be surprised if Australia was the same. It's a reflection of the credit crunch etc. Best you can do now over here really is max 95%.

 

[Foreigner]

Is this a recent development? In the 90's I used to be able to get 100% loan + all fees associated with buying. I guess times have changed.

The good old days...i bought my first property and the bank financed purchase price, stamp duty, legals. In 1986. I sold it the following year for 2x purchase price.

 

[Awesom Andy]

The good old days...i bought my first property and the bank financed purchase price, stamp duty, legals. In 1986. I sold it the following year for 2x purchase price.

There were some going around in the 2000s, and they were starting to go this way as well just a few years ago but don't think they made it very far this time round. I've heard of some who would willingly take LMI and max out the loan as they expect the capital increases to cover the costs of the LMI.

 

[drsmithy]

The big difference in Aus is personal liability for the mortgage - you can't stick the keys in the door and walk away. Provides greater incentive to stay even if loan is underwater.

There are plenty of states in the US with full recourse mortgages. Didn't make any difference.

 

[Teal747]

If you find a way please post. I'm keen to open a GBP or, moreso, a EUR account. I'm in Europe at the moment but haven't had any luck. A bank in Paris would do it after some paperwork but required a minimum EUR10k balance.



I'll have a look at those.

Incidentally, for anyone looking for similar in the US - Wells Fargo. I dropped by one of their branches several months back wanting to change travellers cheques. The clerk asked if I had an account with them to which I said somewhat pointedly "If I had an account with you I wouldn't need traveller's cheques, would I?" She politely invited me to open an account to which I said, again thinking I had the upper hand "I can't. I'm not a resident". Well apparently that doesn't matter. Fifteen minutes later I'm walking out with a savings accounts, a temporary access card and, gets this, a bloody cheque book! The physical card arrived in Australia a couple of weeks later. Online statements and a good app. Thoroughly recommend them.

And if you can wait one day the permanent card will be reAdy for you st the branch
The access card is a dual efpos / debit card so can use it for credit card purchases too
I get a better rate doing a TT transfer to that account pre trAvel than travelers cheques

 

[Fiches Mouser]

Is this a recent development? In the 90's I used to be able to get 100% loan + all fees associated with buying. I guess times have changed.

Yep... have just been going down that path recently. It's not easy to get started...

ANZ for example won't loan more than 80% on properties less than 42sqm, and I think no more than 95% for larger properties.

 

[marki]

And if you can wait one day the permanent card will be reAdy for you st the branch
The access card is a dual efpos / debit card so can use it for credit card purchases too
I get a better rate doing a TT transfer to that account pre trAvel than travelers cheques

Hey this is fantastic my next trip out to the US I am visiting the nearest branch.

"Danger" are there any ongoing monthly charges at the Well Fargo bank or any other similar costs?

You were asking about a European bank account.

I am not sure if it's the best bank but in Europe we have CommerzBank (Germany) it was free to open an account, however there are ongoing banks fees. If minimal movement on the account. They expected at least 1800Eur movement into the account otherwise about 5 Euro is charged. Monthly.

Yes it's German Bank but I have found them to be progressive and they have Website dedicated in English it's easy to also use google chrome to translate.

But the phone app is in German only !!!! So I am not sure why they stopped here. I wrote to them saying why there wasn't an English app. The reply was truly an insight into the German Psyche. " Please understand we are a predominantly a German Bank and blah blah blah ....we won't be doing anything about it"

At the same time on Bloomberg TV they were show casing "German entrepreneurship" and mentioning something about the German Psyche being a little limited at times, eg They needed to translate their websites to encourage more use and therefore revenue. Made sense actually in the context at the time.