OK, I am posting here for the first time. Any guidance would be appreciated or a recommendation for someone who could advise further.
My situation:
- Married with 2 kids
- Started working in Northern Ireland for 5 years and then worked in Australia for 8 years before moving to Dublin for first time last year
- I am currently on a 12 month contract earning €110k per year providing software consultancy. I started my own limited company last year. Spouse and I are the directors
- My spouse has a permanent office job earning €65k per year
- Paying rent in Dublin €1,650 monthly and childcare costs of €1,600
- Cash savings balance of €90k and currently saving €20k per year
- We own a property in Sydney that is rented out with positive annual cash-flow of AU$5k. Property is worth AU$800k with outstanding mortgage of AU$485k so approx €220k of equity in Euro
- Pensions:
* standard UK pension contributions for the 5 years I worked in NI
* pension balance of AU$150k in Australia
* no pension in Ireland
- I am 35 and keen to plan for pension and possibly other investments to provide for future
- Currently no income protection or life insurance in Ireland
We would like to buy a house and likely minimum cost is €600k so we are €30k away from a 20% deposit of €120k. Main question is should we sell the house in Australia to bring the €220k or equity back here or hang on to it as it is currently performing well. If we sold the Australian property should we buy more expensive place here or invest it?
Other things to address are advice on financial planning and protection for the future - pension, investments, insurance protection to provide in case of illness/death
Thanks for any views,
autboy
My situation:
- Married with 2 kids
- Started working in Northern Ireland for 5 years and then worked in Australia for 8 years before moving to Dublin for first time last year
- I am currently on a 12 month contract earning €110k per year providing software consultancy. I started my own limited company last year. Spouse and I are the directors
- My spouse has a permanent office job earning €65k per year
- Paying rent in Dublin €1,650 monthly and childcare costs of €1,600
- Cash savings balance of €90k and currently saving €20k per year
- We own a property in Sydney that is rented out with positive annual cash-flow of AU$5k. Property is worth AU$800k with outstanding mortgage of AU$485k so approx €220k of equity in Euro
- Pensions:
* standard UK pension contributions for the 5 years I worked in NI
* pension balance of AU$150k in Australia
* no pension in Ireland
- I am 35 and keen to plan for pension and possibly other investments to provide for future
- Currently no income protection or life insurance in Ireland
We would like to buy a house and likely minimum cost is €600k so we are €30k away from a 20% deposit of €120k. Main question is should we sell the house in Australia to bring the €220k or equity back here or hang on to it as it is currently performing well. If we sold the Australian property should we buy more expensive place here or invest it?
Other things to address are advice on financial planning and protection for the future - pension, investments, insurance protection to provide in case of illness/death
Thanks for any views,
autboy