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Thanks for the thorough replies - sounds like it is in our case (as first time buyers in Australia) it better just to bank the FHO benefits and not bother trying to declare it as an IP as the tax saved won't be much more.

We recently bought a block of land near Sydney, on which are going to build a project home once the DA is in place. We will obviously be paying a lot of interest on the loan from now until when the house is completed. I understand that it is possible to tax deduct the interest on the loan if...