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Investing to Buy a Home in Melbourne Australia?

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In 2008, I visited Australia and I loved it. The only downside seemed to be that my absense from the United States almost brought down the whole banking system. I don't know if I should ever go back. I'm kidding of course. I'd love to go back.

In fact, I'm planning to go back in about 7 years when the kids are old enough to appreciate it. The idea is for the wife to use up a ton of her saved up vacation time. I'll ask the blogging gods if they'll let me work from there. They are usually pretty good about it. The kids will have summer vacation. The pieces all seem to fall in place. One of the great things about going in the summer in the United States is that it is their winter... many of the costs are cheaper in the off-season.

If that trip goes well, perhaps we'll consider moving to Australia sometime in retirement. I've always been intrigued about the other side of the world... and it's especially convenient that I don't have to learn to speak a whole new language.

One great barrier (pun intended) of making that happen is the high home prices, especially in Melbourne which is where I'd be interested in living. Fortunately time is on my side. I've got plenty of time to save.

The question is whether I should invest the money I save, and if so how much risk should I take? Typically I'd want to take zero risk since I'd have definite plans for the money. However, since it's going to be some time, perhaps I should invest the money, at least for the first few years. As it gets close to needing the money for a down payment, I can move the money to a safer place like my good old checking account.

When it comes time to make the move, I'm going to call my friend who works at 1300 Home Loan and see if he can me approved quick and easy. With some luck, he'll have me playing with joeys in no time.

Last updated on February 19, 2015.

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