Dear All,
Your experince and guidance is much highly appreciated….
I am a newbies to property things, I read some books (included Steve McKnight and Michael Yardney's books) and gathering some informations from different sources regarding property.
I have couple questions here, hopefully I got right feedback in this forum before seeking further to consultant :
I am planning to invest in properties to build up my asset porfolios soon.
But I am a prior to "market ready" status, what would be your advice and what should I do (prepare) step by step to make my self "Market Ready", who should I get in-touch for consultation, what financial documentation should achieve earlier…And :
– I am a bridging visa status at this moment, plan to get PR visa in Sydney-Australia, I am married.
Is a bridging visa holder permitted to apply to buy first home in Australia, will get FHOG ?
– If eligible to buy a house, can I buy whether it is PPOR first or Investment Property ? which one come first…or it doesn't
matter ?
– If I bought my first home with the status of IP, than will I still eligible to have my FHOG for my PPOR ?
– As many experts' advice to buy properties under a protection structure such as "Trust", Can I set up my "Trust
Structure : Property Invesment Trust" first before buying anything at the beginning, so even my PPOR or IP would be
under this Trust.would it be possible ?
– How to set up a trust, how much is the cost ? and how long would it take of it's process….wha type of documentation would be needed?
– If I can't obtain a Trust first, than plan B, should I have to buy my FHOG first and than waiting for capital gain,get the equity to build up Trust, and to buy IP ? is it better options or how ? (is it because I already got a home, and which mean make me has more power to built up Trust ?)Thank you very much for all of your advices….!
Regards,
James
Hi James
In relation to your question about whether you can buy a property on a Bridging Visa, I suggest you have a read of the Foreign Investment Review Board's brochure "Buying a Home in Australia" at:
http://www.firb.gov.au/content/publications/buying_a_home.pdfOnce you've ascertained if you can buy, I'm sure there are a lot of people here on the forum that will be able to give you information concerning the various operating Structures available.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
I doubt you will be able to get the FHOG unless you are a permanent resident or citizen.
You will need to do a lot more reading on trusts I think. So much to understand.
property owned under a trust can't be claimed as the main residence and CGT will apply. FHOG is not available for properties owned under a trust structure either.
Don't always beleive what the so called experts say. Do you own research.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi PaulDobson & Terryw
Thank you very much for your guys infomation.
"Terryw : I doubt you will be able to get the FHOG unless you are a permanent resident or citizen."
But how come some of my friends, there are not yet on bridging visa nor PR, just arrived in Australia and not more longer than I do they had bought houses….with FOHG !
Maybe you can get the FHOG then.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Did your friends buy with someone else or by themselves. To get the FHOG at least one applicant has to be an Australian Citizen or a permenant resident.
When you go to purchase are you a co-applicant? If so, if the other applicant is a citizen or has PR then you may be able to get the FHOG depending on othjer criteria.
Glen
Thanks lot Glen……understood.
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