buying as ip to increase purchasing power but then using as OO

[Gatoblanco]

Does anyone know in queensland if I buy a property as an investment in order to be able to increase my purchasing power and therefore I pay stamp duty as an investor and then I move immediately into the property can I get a partial refund of the investment stamp duty to what it would be if it was owner occupied purchase? My mortgage broker said the banks wouldn't be too concerned as long as you continue to make the repayments. The reason I ask is because I am potentially going to purchase a property and rent out a couple of rooms to boarders so serviceability wouldn't really be an issue but if I tell the bank that I'm planning to purchase as an owner occupier they won't lend me as much.
I know the answer lies with the office of state revenue but does anyone on here know to be able to advise me as I'm curious this weekend.

 

[Terry_w]

Banks don't mind if you commit fraud as long as you keep paying.

For the answer to the duty question have a look at the duties act (QLD). Then have a look at the Crimes Act (QLD) and search for financial advantage by deception.

 

[scientist]

Banks don't mind if you commit fraud as long as you keep paying.

I think that's hilarious.

True, but hilarious.

 

[Gatoblanco]

Terry I'm confused now. I buy it as an investment. Then change my mind and move in with boarders (not tenants). How is this fraud? Its now become owner occupied

 

[Terry_w]

Terry I'm confused now. I buy it as an investment. Then change my mind and move in with boarders (not tenants). How is this fraud? Its now become owner occupied

I was half teasing you. But you should tell the bank the truth. If it is going to be a rental long term then you may be justified in telling them this even if you do intend to live in it in the short term.

What you tell the OSR and what you tell the bank doesn't have to be the same either. As long as you meet the requirements under the Duties Act you could tell the OSR you will be living in it. The requirement is that it be you home - see s91.