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I would make your intentions known upfront to broker/branch lender and wait for the approval before transferring any funds. Dont know your full story so........

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Example: Property value 500k. Mortgage Is 400k or 80% LVR with 200k in offset. Reduce 400k mortgage by 100k from offset reducing PPOR debt to 300k. Reborrow the 100k in a seperate loan split/LOC and use for deposit plus costs for IP purchase. Debt is the same over PPOR but the...

Pay down some PPOR debt from offset and reborrow to creat tax deductable debt for IP purchase.

Depends on which bank you are with and what you want to accomplish in the short, medium and longrer term as well as you specific scenario.

Security is irrelevant as its the "purpose of funds" that determine deductability. In theory it will be easier to get the IP loan from your current bank (assuming good conduct) but hard to answer definitively with out knowing your short, medium and long term goals.

You can wack the money back in the new loan available as redraw minus the fees so the bank systems dont close the loan. @ Mick C, banks doing what you ask them to do, yea right :)