Hello,
If I buy a house as PPOR & use only 5% deposit, I have to live in the property for at least 12 months, yes?
If 12 months is the required period of time, if I move out after 12 months & rent this property out, does my bank require me to go 90% LVR or can I still remain at 95%? Does the bank require a valuation be conducted at this point to determine this?
If I move out within the required 12 month period, can the bank or government penalise me; ie require me to pay the required stamp duty for investment purposes, etc?
Many thanks.
If I buy a house as PPOR & use only 5% deposit, I have to live in the property for at least 12 months, yes?
If 12 months is the required period of time, if I move out after 12 months & rent this property out, does my bank require me to go 90% LVR or can I still remain at 95%? Does the bank require a valuation be conducted at this point to determine this?
If I move out within the required 12 month period, can the bank or government penalise me; ie require me to pay the required stamp duty for investment purposes, etc?
Many thanks.