Lifting LVR to 80% to reduce taxable income

I have a negatively geared IP with a loan amount of $250k, valued at $450k. Rental income is $310 per week.



I'd like to borrow $100k to invest elsewhere. My question is, what are my restrictions on this? If I increase my loan (to $350k) my repayments will go up and as such, my negative gearing will be higher.



What's the legalities here? I suspect if I borrow to re-invest into the same property it's okay (ie. new deck or extension) but what about if I want to pull my money out to use it on something else?



Thanks

Lifting LVR to 80% to reduce taxable income