Hi. I've recently moved to WA and am going to buy a property shortly. We'll be first home buyers, the property will be around the 700 mark and we've got about 280 in the bank. I'm thinking I want to put down 20% to access the more attractive mortgage products and lump the remaining cash into an offset which we can add to or drawn down on as required for renos etc.
The property is on a bit over 900m^2 in an area where most are just under the 900 mark, and council zoning says we'd need 900 minimum to subdivide. That said, we intend to live in the property and at this stage we're more leaning toward saving for a couple of years before knocking over the existing small house and putting up a large two storey job.
I'm wondering about other possibly smarter ways of buying the place – I hear talk around the barby of trusts and smsfs and wonder if I should be looking at another approach than a regular mortgage? I'm payg salaried on 120, my wife runs her own business but has just started doing that and hasn't realised much revenue yet. We both work from home and have about 100k between us in non-self managed super funds at this point. We're in our thirties.
Can anyone suggest alternative ways of structuring the purchase that I should be looking into?
Many thanks,
Alex
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