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You will be mixing deductible and non deductible debt if you have it as one loan, which is a bad idea for tax purposes. 40k being released is for non investment use so isn't tax deductible, whereas the original loan will be when it becomes an investment property. Keep the loans separate, to...

Cross collateralisation means they tie up multiple loans to the debts, meaning there is more than one property providing security to a loan. Considering your current PPOR is with CBA and proposed finance is with BankWest, this doesn't sound to be the case (cross coll for the most part would...

I think you're factoring govt fee's as being leveraged -that's not how it works. Stamp duty and the like is first paid out from your 40k, then the leftover funds used are used as a deposit - hence why the high LVR. They would have suggested Bankwest because one of their niches is HIGH LVR...