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Not saying a LOC can have an offset attached, sorry if I worded it like that. I was referring to having borrowed additional amount from the mortgage to be placed into a trading account and then pay back into the offset but continue claiming a deductible debt as intially used for trading.

I think you might be OK Devo, as it sounds alittle simmilar to what I was told. For example: If you have a LOC or have borrowed against your home loan and decide to use those funds for investing (share trading) you are able to claim a tax deduction on the interest incurred on the amount...