My first home and planning to be investment

Hello all,
This is complicated but i really need advice here…
I’m 24yrs old, just finished uni and am working for 9 months now in an area 1hr outside of Sydney. I am currently renting.
In the next few days i will sign for the purchase of my first home. I have bought this because it is near schools, water, etc. Basically i believe that there may be good capital growth in the long run. It is an old property which will need a moderate amount of renovations. I will buy it for just under $300K. Current tennants will remain there until April ’05 which is when i intend to move in. They are paying $250p/wk.
My question is, since i am renting out in the first 5months does that mean that my interest repayments are tax deductible in this time? I will move in within the time period allowable for first home owners. Also does that mean that any home improvements within the first 5 months is tax deductible? As in new carpets, air conditioning system etc?
I need to know this because my tax bracket is very high and any way to reduce it would be of great benefit to me. Plus i will move in eventually and so i am going to renovate anyway; might as well make them tax deductible!

Thanks for reading and please let me know if i’m totally off the mark with this one as this is my big entrance into the game you all love![grad]