Change own home to investment

my only home is currently on a mortgage. I there been living there for almost 5 years. now i intend to move out to a rented home and rent my home .
will it then turn into an investment property. have i got to inform the bank or is nit a requirement?
can i claim the interest portion that i pay in the mortgage at tax return time?

 

Not enough information about deducting interest.

Have you refinanced or redrawn from the loan in the past? If yes, what did you use the proceeds for?

 

i have not done any changes to the loan . just been paying capital and interest since day 1. Another 25 years to go out if a 30 year period. i don’t have any other properties or assets thanks

 

You will have to read your contract with the bank. Some newer contracts have a requirement to inform the bank if you move out. They will put the rate up as a result.

Once available for rent or rented you could claim the interest on the loan if it was used to purchase or improve the property

 

Thank you. Let me check on this