All Topics / General Property / first property – investment or owner occupied?

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  • Profile photo of madankumarsmadankumars
    Member
    @madankumars
    Join Date: 2003
    Post Count: 5
    December 4, 2004 - 1:38 pm

    hello all

    i’d like to have some ideas on the best option to get my first property.

    i am from england and have just been granted permanent residency in australia.

    i plan to move there later next year, so in the meantime i am thinking of buying an investment property in australia. so when i come to australia, i can use that IP as collateral to buy my owner occupied property. is this a good idea?

    or should i save my money to by an owner occupied property directly, when i land there…

    i dont have any equity (i am 26 and single), so all the money must come from my savings account.

    also I spent almost 4 years in sydney on a work permit earlier, so i would like to concentrate around that area. I have bank accounts in australia, and a very good relationship with ANZ, so getting a morgage wont be a problem.

    Profile photo of ScreminScremin
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    @scremin
    Join Date: 2003
    Post Count: 448
    December 5, 2004 - 1:12 am

    I dunno Mandankumars,
    I am a permanent aussie resident(as is my husband) and we had trouble getting a loan when we returned form UK. THe biggest thing banks want is a six month employment history and they gernerally don’t accept overseas employment as valid.

    Maybe it will be different for you, but just telling you what happened when we got back from overseas.
    Steph.

    Success is 1% inspiration and 99% perspiration.

    Profile photo of waprincesswaprincess
    Member
    @waprincess
    Join Date: 2004
    Post Count: 29
    December 5, 2004 - 5:01 am

    Hi,

    We lived in the U.S for quite a few years before deciding to come home to Australia and one of the things we wanted to do first was to own our own home.
    I funded a house purchase out of my savings and shopped for my house over the internet – there are many excellent sites for this.

    When we arrived back we had been proud home owners for over a month without ever having set foot in the place but beware!

    If you are not on hand to inspect the property yourself – undertake a severe amount of homework!!!

    There are laws in place now to stop people offering one price to locals and another to immigrants – but you need to get a structural inspection on any property you buy – esp sight unseen.

    If you still have friends or social circle here – get someone to go and take an honest look for you and ask for plans and plenty of photos.

    Be prepared for stamp duty costs too.

    Good luck finding your new place:)

    P

    Profile photo of madankumarsmadankumars
    Member
    @madankumars
    Join Date: 2003
    Post Count: 5
    December 5, 2004 - 9:33 pm

    thanks for your valuable comments guys.

    i’ll be really helpful to know whether buying the first property as an IP is good idea…

    ..and the advantages / risks of showing the equity in the IP to fund the second property where i will be living in..

    Also is this a good time to buy an IP? if yes, then i am ready to take the plunge to buy, so will be happy to hear from anyone who is interested in striking a deal.

    cheers

Viewing 4 posts - 1 through 4 (of 4 total)

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