Tax Implications of Moving into an Investment Property as an Owner-Occupier

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(Newbie)Newbie

5 Dec 2024

I currently own a home with $620,000 in equity and a $250,000 loan. I recently took a $246,000 cashout loan from my home equity to use as a deposit for an investment property worth $746,000. The remaining $500,000 is financed through an investment loan.

If I purchase the investment property and later move into it as my primary residence (changing its status from investment to owner-occupier), and also change my current owner occupier to investment property, how would this affect my ability to claim tax deductions, particularly from a negative gearing perspective? Any advice or insights would be greatly appreciated - especially involving the approximate calculations.

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