Can I claim negative gearing on a new investment loan taken on previous primary residence

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(Newbie)Newbie

23 May 2023

I have a small home loan on my current primary place of residence (home 1). It is fully offset.

I would like to buy an apartment and move in to it, and rent out my original home (home 1).

I will need to take out an investment loan of half of the value of the new apartment.

Is it possible to refinance my existing home loan as investment loan on home 1. It will be a much greater loan than the original home loan on home 1.

Am I then able to claim negative gearing on the losses associated with renting out home 1?

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(Taxicorn)Taxicorn

24 May 2023