Maybe. You don't deduct it from the capital gains, it's add to the cost base.
- (Proceeds) - (cost base) = Capital gain/loss
You can add the interest expense, that couldn't be a deduction and came from the loan used for purchasing the property you let your mother and brother live in, to the cost base
Deductibility of a loan depends on the purpose and not what is used as security. Redraw is considered a new loan.
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