The AEC said Lobo was declared as a candidate on Friday April 22 for the Liberal National Party of Queensland in the Division of Lilley.
Following media reports about Lobo's enrolled address, the AEC conducted a review into the declarations made on his enrolment and nomination forms.
"There is concern as to whether the information provided by him regarding his residential address on these forms is false," the AEC said in a statement.
"The AEC has referred this matter to the AFP for investigation."
In a short statement provided to 9News.com.au, Lobo said the delay in him moving in to the property was due to the timing of his lease.
"I enrolled in the electorate as I had signed a lease in Everton Park with the intention to move in straight away," he wrote.
"However due to my campaign commitments and difficulty with getting tradespeople to the home, I was delayed moving in."
Under electoral law ballot papers for the Division of Lilley must remain as they were formally declared on April 22 and have already been printed and distributed.
Lilley is a marginal Labor seat currently held by Annika Wells since 2019.
It is a key battleground for the Coalition as it is the most marginally-held Labor seat in Queensland.