I have only recently purchased the 2nd property (house) and my 1st property has not yet generated any income (still vacant as I only moved out last month)so can I take out the equity before it becomes an IP?  Both properties are 50/50 purchased with my wife.

Hi Scott No Mates,Thanks for your answer. Can I increase the loan on the IP property and put it into my PPOR,In short, to increase the interest payments on the IP and therefore maximise tax benefit?At the moment I'm paying a a lot more interest on my PPOR than the IP.