Hi everyone, I am a newbie and just signed a contract to buy a property and i need your advise urgently. Here are some backgrounds: - Loan: Investment Property - so we can afford the property (Interest is higher) - Deposit 10%. - We now want to live in it and still keep it as Investment Property with the Bank, and will not have any income from the property. - We won't be claiming any expenses or Negative Gearing from it at all. Now here are our concerns: 1. Would we have any problems with Tax Office ATO? eg. paying extra Tax...? 2. Would the bank care and find out that we are actually live in it? And does it affect our Mortgage? 3. What does it take to change it to "Owner Occupied" Mortgage later with the same/other Lenders? 4. When buying Home & Content Insurance, we will put it as "Owner Occupied", when making claims, would Insurer find out that it's an Investment Property and decline the claim? 5. When selling the property, would we have to pay Capital Gains Tax even we live in it the whole time? I am sorry for asking many question. This is our first home and we couldn't seem to finds full answers to these. Any advice, explanation will be greatly appreciated. Thank you very much.