Home Loan Query Investor to OO
i would like your thoughts on the below. Any info is appreciated
we own a home and thought we will buy another home as an investment. after a gruesome search of 4 months we found a place and bought it as an investment and settling in a week. we took the loan as an investor and serviceability was more $$ than if we were to take the loan as owner occupied . all good until now and we are planning to advsertise to put it on rent. the rate of interest on investor loan is higher too.
However my partner fell in love with it and now thinking of moving into it. i am worried that this might cause issues with the bank as we have taken the loan for investment and now we are planning to move into it. i tried to convince my partner that we will rent it out for 6 months and then move but was unsuccessful.
so my question is if i move into the house and dont claim any negative gearing on it, will it be ok or will the bank find out and cancel our loan if we move.
has anyone done that? what are the consequences?
Any lenders if you k ow what the big banks policies advise please