Hmmm…..I found and noticed that little bit about the 12 months too Terry.  Is it actually referring to total properties, not necassarily adjoining like I first posted?

Can't stagger purchases as they are being sold at auction on the same day & only certain terms available to me.
Since the value will not be very large (in my case) due to being very cheap commission houses (less than 100K), I'll just be going with the flow – but this 12 month thing would affect investors buying a few large value properties per year, wouldn't it.

I wonder how the revenue office decides on the duties payable if purchased spaced say every 3 months?
 And over which 12 months – Calendar, Financial or rolling?

Could they charge you retrospectively? 
Coz to be honest, I am thinking of purchasing a few more of these type of cheaper properties down the track.

[edit] Actually…….. I've just remembered we've already done two purchases 3 months apart before (3 years ago) and we didn't get stung with this – maybe it's only if they notice (or is actually adjoining)?

I'm actually using the LOC for the full amount (100%), not just the 10% deposit – so no LMI at that stage as it would be fully financed via the LOC with no mortgage at settlement.

Was intending to then get refinanced with a standard IP loan later down the track, after I have lease ageements in hand (probably a few months or so).   I thought it would be harder to refinance without a lease and I can't get a lease until well after settlement, due to reno's needed.  I would then put the 80% back into the LOC after refinanced to use on the next purchase.

In fact, depending on the bank valuation, I suppose it may be possible to put the full amount back into the LOC due to purchasing underpriced in the first place?  Is that possible?

Hope that explains more completely.