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If it's kitchen, bathroom reno, etc, you should get decent depreciation. From ATO: The cost of an asset includes both the amount you paid for it as well as any additional amounts on transporting it and installing it in position.

Exactly as Y-man said. As FOH, we aggressively paid off the principle a lot. Although it's available as redraw, if we convert it to IP, all deposits would be considered as debt paid off, so interest on that won't be deductible. If you think about it every $100k you can't deduct will cost you 5k...

Not setting up the loans correctly when we bought PPOR. Now we will not get tax benefit if we ever convert it to ip.