My situation is as follows, Im a permanent resident (based in WA) - newly arrived to the country - currently employed (PAYG) but still on probation period...(currently has an effect on me obtaining higher LVR loans...)
Currently have about 150k to invest and would also like to put down some roots down in terms of a PPOR - so that is my sum total for both
So my objectives are:
1) Obtain a decent primary residence - attempting to get something under 500k or slightly over to maximise first home owners grant and stamp duty savings (struggling with this aspect where we are in WA - and what suburbs we would be able to get into initially - but could be converted to an IP later on)
2) Have enough left over (cash reserves) to start my investment process / portfolio and ensure that banks would look kindly on me in terms of loan serviceability.
3) Structure it all correctly from the start - so as to ensure future loan serviceability well into the future
My initial thought processes were to purchase the primary residence in own name, and to attempt to minimise the initial outlay of cash - do not mind spending LMI (hopefully capitilizing it) - and potentially to purchase first property as an initial live in abode (would have to do it for at least 6 months anyways bcos of the FHOG) then convert this property to an IP - and potentially have to purchase another - or just revert back to renting for primary residence.
Any suggestions on how to effectively achieve my goals regarding the structure (specifically interested in responses to this) , and how best to go about financing it all (i.e. in my own name initially / name of trust etc.)
Any good references of who to talk to within WA regarding structuring? Most of the posts seem to suggest NSW and QLD contacts - so would like someone local
Any comments appreciated
Currently have about 150k to invest and would also like to put down some roots down in terms of a PPOR - so that is my sum total for both
So my objectives are:
1) Obtain a decent primary residence - attempting to get something under 500k or slightly over to maximise first home owners grant and stamp duty savings (struggling with this aspect where we are in WA - and what suburbs we would be able to get into initially - but could be converted to an IP later on)
2) Have enough left over (cash reserves) to start my investment process / portfolio and ensure that banks would look kindly on me in terms of loan serviceability.
3) Structure it all correctly from the start - so as to ensure future loan serviceability well into the future
My initial thought processes were to purchase the primary residence in own name, and to attempt to minimise the initial outlay of cash - do not mind spending LMI (hopefully capitilizing it) - and potentially to purchase first property as an initial live in abode (would have to do it for at least 6 months anyways bcos of the FHOG) then convert this property to an IP - and potentially have to purchase another - or just revert back to renting for primary residence.
Any suggestions on how to effectively achieve my goals regarding the structure (specifically interested in responses to this) , and how best to go about financing it all (i.e. in my own name initially / name of trust etc.)
Any good references of who to talk to within WA regarding structuring? Most of the posts seem to suggest NSW and QLD contacts - so would like someone local
Any comments appreciated