Turning recent bought property into investment

I recently bought a property to live in. I paid stamp duty on it. When can I turn it into a rental property and live somewhere else?

 

Normally, whenever you want.

Or are you worried about first homebuyer requirements or something like that?

 

I wasn’t a first home buyer when I bought it. I remember years ago the rule was that you have to live in a property for 1 year before renting it out. Is that no longer the case? I am also wondering whether the bank will have issues with it since I didn’t get an investment loan.

 

Not enough details
LVR, how long have you had it, do you currently reside there, number of properties, where are you going to go and live......
Bank will just change the loan to investment, can you afford the increased repayments?

 

What State is the property located in? There is usually a residency requirement to retain the duty exemption.

 

I have had it for a month. I live in it. I don’t have other properties. I am going to rent a property out within the same city.

 

I am in Canberra

 

You will just need to pay capital gains tax when you sell

 

Does the 6 year rule apply? What if I rent it out for 6 years and live in it after that? I am planning to sell after 10 years..

 

I was just Googling that haven't found what I want. From what I have read on here I think you need to live in it at the beginning for a period of time then return every 6 years or less and live there again.

Treating a dwelling as your main residence after you move out

 

My LVR on the property is 80%

 

If you claimed concessional stamp duty by saying the property was to be owner-occupied, check with the relevant authority how long you have to actually live in it before renting it out without having to pay the increased stamp duty on an IP.

The time can vary depending on where the property is located. Otherwise you can just pay the increased stamp duty and rent it out whenever you want.
Marg

 

I didn’t apply for any concessions. I used a calculator online and noticed in Canberra the stamp duty on a house is the same whether owner occupied or investment

 

It may. You have commenced to reside there - There is no 12 month requirement BUT it may be subject to 3 months as your home before you move out if its a new build. May need to check that. And that the main residence exemption requirements are all met.

 

In Qld you have to live in the property for 12 months in order to qualify for the home transfer duty concession.