I own my PPOR (worth around $420k) but it's too small for the growing family. I also have $155k in the bank. We have found a great house that's for sale for $350k that we both love, but in need of a few $$$ spent on it. We want to refinance the PPOR for $215k and stick a tenant in paying $400 a week (next door acheiving this) This rent will basically cover the mortgage and some. Then we'll use the $215 + $155k to buy the new house outright and use the tax advantages with our PPOR. Is this ok to do.