So, as a result of this goal, I have drafted this (long-winded and over-wrought) strategy of:
1. Saving a deposit
2. Using this deposit to buy a relatively affordable 2-3 bedroom property (likely location: Melbourne & surrounds) as a “first home” and living in it for a short while (at least six months)
3. Investigating ways to use this property as equity/leverage to buy our “ideal home”, which could include:
a. Living in the house until we have saved a full 20% deposit in an offset account
b. (after at least six months) moving out of the house into a rental, converting it to an investment property, and using the financial structure/income to accelerate our second deposit
4. Deciding what to do with the house once a second PPOR is purchased (either sell for the CGs, or keep as an IP, with a view to expanding our portfolio).As noted by PT_Bear though, these accounts and benefits come with a number of constraints, including having to use the whole amount of our savings as a deposit (or surrender it to your super) and having to live in the home for a minimum of six months after purchase.