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I bet its the same in other countries with margin interest higher than their property interest, for the same reason.

If they were, then they would :)

If I was a bank, and we were in a GFC, I'd rather have mortgage payments coming in every month than shares or margin repayents coming in. The former is more stable and more predictable and keeps coming because houses still exist. Public companies cease to, sometimes.

Have you heard of volatility?

He's talking about if funds (the $40K) are being withdrawn into your transactional account first before being spent on shares. If its there for a bit and theres other transactions going on, it may be hard to prove the nexus of funds for investment when claiming the interest as deductible...

Even though there is a TD or TR saying otherwise?

There are tax rulings that say otherwise.