NSW Can i rent out my PPR and not live there?

Hi, I just bought a property but not having enough money for renovation. Hence, I plan not to live there for next 2 years until i have enough fund to renovate. Its my first property.

I plan to rent out the property to cover mortgage and save for renovation. My questions are:

1. Is it gonna be counted as investment property and the loan need to be changed?
2. Does the bank even check if I live there even though all of my information from driver licence, post, mygov has its address there?

 

you can, but think of the tax consequences.

 

Can you elaborate more please? Im confused if my loan need to changed to IP loan.

If its PPOR, how can ATO know I need to pay CGT?

 

If you don't live in it before you rent it you cannot claim the CGT exemption.

 

you will tell them because it’s the law.

 

i plan to live in it for 6 months and rent it out. And then move in with my brother. Does absence rule applied here?

 

How did you ever get this far
Why did you even bother buying if you can't afford
Trying to screw the ATO never goes well
The fine print you never read has all your answers

1, yes
2, if they do and find your actions fraudulent I hope you enjoy your holiday
3, the ATO always finds out eventually

 

I bet you applied for every possible grant for a First Home Buyer too. What stamp duty did you pay?

 

Not what you said (in a public forum) in your opening post
You said you just bought it and intend to rent it out for the next 2 years
So now the ATO have you

Buy a boat, you are just fishing (for loop holes that Govco/ato will catch you on).

 

Yes it might