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Splitting the loan would be the right terminology. Your broker would have the idea, if they dont, find a new one or a banker that does inspire some confidence in this area. as to tax deductability - seek the services of a licensed tax agent, but Id say because the money will be redrawn for...

Step 1 Your banker/broker has probably already got it sorted but.........and Bandita has already mentioned it. Dont spend your tax paid cash on IPs. If you will fully commit the 140 k to Ips, then create a 300 and 140 k split in the 440 k home loan, tip the 140 cash into the 140 k loan...