If you want to buy a flat or small house, have £55,000 in savings but the price of housing in Bristol is high
The only way 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.
https://www.theguardian.com/money/2021/sep/27/can-i-use-my-australian-property-to-increase-the-money-available-for-a-uk-deposit