The loan request was made by Victoria's Minister of Racing and coincided with Te Papa investigating the possibility of reunifying Phar Lap's skeleton, which is housed in Wellington, with the horse's hide, which is displayed at the Melbourne museum.
An assessment by conservation experts showed that, with some minor stabilisation and repair work, the skeleton was able to be loaned without risking its integrity, said Te Papa spokeswoman Jane Keig today.
"The assessment did show that the framework supporting Phar Lap's head and neck had gradually slumped since he was first articulated, and our object support team will be making a modification to this to ensure he is looking 'proud' again."
Phar Lap lived from 1926 to 1932 and was a champion thoroughbred racehorse. He was foaled in New Zealand and trained and raced in Australia.
He won a Melbourne Cup, two Cox Plates and 19 other races. Phar Lap died in the United States in 1932 from a sudden and mysterious illness.