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Interest on borrowings for a gift is not deductible. A transfer without consider is a gift. Careful planning could have avoided this.

But what did you borrow for if there was not consideration for the transfer? Was the property in vic? If so you could hace transferred at full market rates without stamp duty and thereby be able to claim the interest.

Libs I thought you said it was purchased for no consideration. What did you borrow the money for in that case. I think your loan interest is not deductible. Did u get legal and tax advise before doing this?

ok libs, but did you really release equity because you paid your spouse for the property. You could have used your $360k for your new PPOR and saved non deductible interest??

Nice. But what is your question?