G'day from Melbourne,

We have recently been looking into buying property here where we have been granted temporary residence for four years. We don't want to be stuck in the rental scene for too long.

I own a small flat in London which is worth about $340K Aus, it is currently rented and I comfortably meet the repayments every month (mortgage is arond $165K Aus). Is it feasable to remortgage my UK property to get a deposit together for the Aussie place? I have read a little about remortgaging on the Fool.com.uk board, most people seem to think that it is not a good idea - but how about moving that money overseas, is it possible?

I would be able to get a loan here for 80% of the purchase price, but we have no deposit, is remortgaging the UK property a good idea to buy here, or should we just try to save for the 20% deposit on our dream house by the beach?

Thanks for any advice.

David