IP Loans and Tax Deductability.

Hi Guys

Many years ago when I started out on my property investing path I had a PPOR which had a regular mortgage against it.
I then used the equity to have two further mortgages to purchase two investment properties.
In recent times I have since paid off the original mortgage which I did not claim for tax purposes leaving just the two loans off which all the funds were used to purchase those IP's and have been tax-deductible.

In recent times I have been in consultation with my bank about fixing those two loans.
I was told that I could get a lower rate if those loans were classified as owner-occupier as they are currently as investment property loans.
Question
Will it be OK to change the loan classifications to owner-occupier loans take the lower rate and claim the interest as tax-deductible as long as I can show justification that funds were used appropriately?

Thanks

 

There are many threads on this already. Deductibility of interest is generally determined by use to which the funds are put, not labels on loans.