PPOR refinance for IP then tax implications

Hi
I have purchased PPOR for $225k in 2010, loan and title was only on my name.Now loan is 80k.But now I have new refinanced this loan to $210k (new loan with same bank) with me and my wife names on loan,still title only my name.With avaliable equity I have purchsed a IP of value $556k (Feb 2019).IP loan and title on both names.But I want to move into IP and claim as my PPOR in 2021. What will happen to tax claims on past PPOR when changed to IP? Can I claim interest $210k for tax deductions? What tax deductions claim now before move into IP?

Thanks

 

At most only the interest on the original loan amount could be deductible. Possibly much less.

See my tax tips and strategies. Link in my sig

 

Hi Terry
Thank you for reply.I have used $96k for deposit and $34k for stamp duty expenses from refinanced loan towards IP.Can I claim interest of $96k on tax deductions?

 

Didn't you say you will move into the IP?

 

I will move into IP in July 2021

 

The interest on the $130k may be deductible till then, but this will depend on a few things so seek specific tax advice