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Assuming that the property is "available to rent" for 100% of the time, then you can claim 100% of the costs. You can also claim depreciation, but bear in mind that when you sell the property under the PPOR CGT exemption, then any depreciation claimed will be added back. So to use some rough...

The benefit of changing to IO from P&I is that you increase your available cashflow, while maximising your tax benefits. You can claim ALL of your interest (and other costs such as BC, insurance, PM fees, rates) as tax deductions, but you will need to claim the rent as income, not a deduction.