Thanks for all the replies, I posted on here as it was a Sunday and therefore I couldn't reach the people I'd normally ask. We will track down an answer from our friendly accountant but I have a feeling the answer will be, yes as long as it's all 'clean' as stated.
The property we are purchasing will be part of the NRAS (all going well) which limits our choice of lender which is why it was important for us to know what LVR we'll have at settlement. Purchase will be approx 5 months from now.
Anyway thanks again for all the help and advice, will let you know how we get on!