Split loan on Dual Occupancy

Hi All,

I'm looking at building a duplex within the next 6 months, of around 1.6m in value. I'm planning on living on one side and renting out the other as an IP. I have around a $250k deposit.

Would it be possible to have two loans on the property for tax purposes?

My aim is to have the IP side on an $800k IO loan for the first 5 years. I want the PPOR side to be on a loan of $800k less my deposit.

I may be able to get the loan secured, but it would have to be from a partial commercial property (2nd floor has an apartment on top, first floor is a shop front). So considering the lender may not accept this as security, I may need to factor in LMI.

I was hoping someone could assist with my query and direct me to a broker that may be able to assist if possible? I'd like a pre-approval so I could pull the trigger if I find a suitable property to develop.

Thanks

 

Its possible if you are building. I have a tax tip on this.

 

This is a bit confusing to me, are you saying you own this part commercial property already and you may offer it as security for the one you're looking to build?