Rental income from First Home Purchase?

Afternoon All,

As a first home buyer, does any provision exist to rent out any spare rooms, creating a source of income and therefore associated tax deductions? (tax deductions being proportional to the number of renters, covering the morgage interest, utilities, depreciation etc)

Additionally, as I would still be living in the home, would this arrangement have any impact on the ability to claim the $7000 first home owner grant?   

Thanks in anticipation!

Issac