Thanks for the input Terry.

I might clarify what i mean about the sale of my PPoR as 50/50 split

I was proposing was to take a loan in my and my parents name for the so we were each liable to service the loan equally and also only be able claim half of the tax offsets each. So in my head i'm thinking the sale of the property to myself and parents gives me $110k (350k-240k i still owe) to put on a new PPoR for say $400-450k leaving me with $290-340k loan on PPoR and then a 50% stake in $350k investment loan.

Should i (or is it legal) to sell to myself at an inflated price so more of my loan is on the investment proerty and less on my PPoR?