Claiming tax from a cash deposit?

Hi everyone

I'm just about to buy another IP (not that the banks were particularly helpful) and will require putting in about $50K of cash that currently sits in an offset account attached to my PPOR loan. Is there a way of making the extra interest I now have to pay for my PPOR loan ($50K's worth) tax deductible since the money is being used for a income producing asset?
In otherwords, the IP loan from the bank is tax deductible, but what about the cash I put into purchasing the property.
Thanks.
 
If it's coming from the offset account against your PPOR, then it's not deductible, because it's not considered new borrowings.
 
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