[p?c1=2&c2=6035250&cv=2.0&cj=1&cs_ucfr=0&comscorekw=Property%2CMoney%2C
   UK+news%2CStamp+duty%2CTax%2CMortgages%2CAustralia+news] Skip to main
   contentSkip to navigation

   Advertisement
   International edition [ ]
     * International edition
     * UK edition
     * US edition
     * Australian edition

   The Guardian - Back to home
   Search jobs
   Sign inSearch
   [ ]
     * News
     * Opinion
     * Sport
     * Culture
     * Lifestyle

   ShowMoreShow More
     * [ ] News
          + World news
          + UK news
          + Coronavirus
          + Climate crisis
          + Environment
          + Science
          + Global development
          + Football
          + Tech
          + Business
          + Obituaries
     * [ ] Opinion
          + The Guardian view
          + Columnists
          + Cartoons
          + Opinion videos
          + Letters
     * [ ] Sport
          + Football
          + Cricket
          + Rugby union
          + Tennis
          + Cycling
          + F1
          + Golf
          + US sports
     * [ ] Culture
          + Books
          + Music
          + TV & radio
          + Art & design
          + Film
          + Games
          + Classical
          + Stage
     * [ ] Lifestyle
          + Fashion
          + Food
          + Recipes
          + Love & sex
          + Health & fitness
          + Home & garden
          + Women
          + Men
          + Family
          + Travel
          + Money

     * Make a contribution
     * Subscribe


     * Search jobs
     * Holidays
     * Digital Archive
     * Guardian Puzzles app
     * Guardian content licensing site
     * The Guardian app
     * Video
     * Podcasts
     * Pictures
     * Newsletters
     * Today's paper
     * Inside the Guardian
     * The Observer
     * Guardian Weekly
     * Crosswords


     * Search jobs
     * Holidays
     * Digital Archive
     * Guardian Puzzles app
     * Guardian content licensing site

     * Money
     * Property
     * Pensions
     * Savings
     * Borrowing
     * Careers

   Ask the experts: homebuyingProperty

Can I use my Australian property to increase the money available for a UK
deposit?

   I want to buy a flat or small house, have £55,000 in savings but the
   price of housing in Bristol is high
   Properties in Sydney, Australia
   [ ]
   The reader jointly owns properties in Australia with their brother but
   the plan is to end up with one each. Photograph: Joel Carrett/AAP
   The reader jointly owns properties in Australia with their brother but
   the plan is to end up with one each. Photograph: Joel Carrett/AAP


   Virginia Wallis
   Mon 27 Sep 2021 07.01 BST [ ]

   Last modified on Mon 27 Sep 2021 07.11 BST
     *
     *
     *

   Q I own properties in Australia. That in itself is complicated as they
   are owned jointly with my brother but once I can visit Australia after
   the pandemic, our plan is to end up with one each.

   The likelihood is that I will have one property with a small mortgage
   and the rental income will cover the repayments.

   I would, however, like to buy a flat or small home in the UK as I’m in
   the process of separating from my son’s father. I have £55,000 in
   savings to put down as a deposit and should be able to get a reasonable
   mortgage as our son is now in school, so childcare costs will now be
   much reduced.

   The problem is that I live in Bristol and the price of housing here is
   ridiculous. Is it at all possible to use my property in Australia in
   some way to increase the money I have available for my deposit? Or is
   the only possibility to sell my property overseas? Or should I just
   keep saving or keep saving for longer with ever-increasing property
   prices?
   NC

   A The only way I can think of to make use of your Australian property –
   once you own it in your name only – would be to increase the mortgage
   you planned to take out on it to raise cash to add to your current
   savings for a deposit. But whether you can do this is in the hands of
   the Australian mortgage lender. It also might not be a practical
   solution if the repayments on the increased mortgage exceed your
   monthly rental income from the property.

   If your Australian lender is unwilling to let you borrow enough, your
   only other option is to sell the property to raise cash to put towards
   your home in Bristol. This might not be such a bad option if house
   prices in Bristol rise more quickly than house prices in the area where
   you have property in Australia.

   Selling up in Australia also means that you won’t have to pay the
   higher rate of stamp duty land tax on your Bristol home. The three
   percentage points increase in the rate of SDLT applies to people buying
   a second property in the UK even if their first property is located
   elsewhere in the world.

   Want expert help finding your new mortgage? Use our new online tool to
   search thousands of deals from more than 80 lenders with the Guardian
   Mortgage Service, powered by L&C.
   Topics
     * Property
     * Ask the experts: homebuying

     * Stamp duty
     * Tax
     * Mortgages
     * features

     *
     *
     *
     *
     *
     *

   Reuse this content

     * Money
     * Property
     * Pensions
     * Savings
     * Borrowing
     * Careers

     * News
     * Opinion
     * Sport
     * Culture
     * Lifestyle

   IFRAME: https://www.theguardian.com/email/form/footer/today-uk

     * Contact us
     * Complaints & corrections
     * SecureDrop
     * Work for us
     * Privacy policy
     * Cookie policy
     * Terms & conditions
     * Help

     * All topics
     * All writers
     * Digital newspaper archive
     * Facebook
     * YouTube
     * Instagram
     * LinkedIn
     * Twitter
     * Newsletters

     * Advertise with us
     * Search UK jobs

   Back to top
   © 2022 Guardian News & Media Limited or its affiliated companies. All
   rights reserved. (modern)