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Thanks ClaireR,
I asked my broker multiple times to confirm it was only 6 months I had to live in the house to get FHBG and he assured me it was.
Thats good to know
Do you mean allow the trust to borrow against the initial property to begin investing?
You are suggesting I buy in my name but loan my deposit from a trust I create? Then allow the trust to buy the property off me after my 6 months is up?
Sorry Terryw, I am new to all of this and am sure ill come across as stupid. I just want to get my strategy right from the start rather then make mistakes early that will cost me later.
I agree that $50 for the week I am home is not much at all, I have tried to pay more but he dosnt want a bar of it. He is just happy I am home after 5 years in the Army.
Thanks TerryW. I have been reading up on trusts and definitely think that's the way to go. I have a few questions hopefully you can help me with.
1, Is the property investor trust the best option?
2, If investment properties are owned by a trust, and the rental income is getting payed into the trust fund' if you wish to leave it in the trust fund and not pay the beneficiaries can you avoid the heavy tax by purchasing something like a vehicle? similar to a company set up?
3, What's involved in setting up a trust? costs, timeframe, documents etc
Thanks for the feed back guys.
Royce
I am single, no kids and work away 2 out of 3 weeks. I dont think buying a property to live in makes financial sense.
In saying that, I am entitled to first home buyers grant and no stamp duty etc. So maybe it makes sense to buy one and live in it for 6 months.
