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Sorry I got carried away.... Purpose of loan will generally determine deductibility. In your case it will be a private expenses so = No deduction.

I would be happy if I could claim underpants as a deduction - but it doesn't relate to the production of income, same as you borrowing $5k to park in an offset.

Not meaning to be mean, but to show others - this is probably costing Brocky someting like $15,600 in lost tax deductions each year for 20+ years ($312,000 x 5%).