Hi guys,
Figured best place to ask was here, all of the below being hypothetical of course.
If one were to buy an AKL house with 20% dep with the intent of living in it for 2+ years, but extenuating circumstances meant that it would be ideal for said owner to rent it out for the first 6 months, what are the (potential/actual) issues here? The honest intent is to live in it, but things would be MUCH easier if it could be rented out on a 6 month fixed-term first. Mortgage pre-approval is based on owner occupation and a 20% deposit. In the above scenario, no offers/bids have yet been made.
What would be your thoughts on the matter? Would the bank (or someone else that matters) know or find out (or care)? Would there be penalties if so? I assume people out there are doing similar things to this, but is it really an issue for anyone involved? Cheers
Figured best place to ask was here, all of the below being hypothetical of course.
If one were to buy an AKL house with 20% dep with the intent of living in it for 2+ years, but extenuating circumstances meant that it would be ideal for said owner to rent it out for the first 6 months, what are the (potential/actual) issues here? The honest intent is to live in it, but things would be MUCH easier if it could be rented out on a 6 month fixed-term first. Mortgage pre-approval is based on owner occupation and a 20% deposit. In the above scenario, no offers/bids have yet been made.
What would be your thoughts on the matter? Would the bank (or someone else that matters) know or find out (or care)? Would there be penalties if so? I assume people out there are doing similar things to this, but is it really an issue for anyone involved? Cheers
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