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Exactly right. The interest payments on the IP are tax deductible. Why would you want to reduce them? The interest payments on your PPOR are not tax deductible so is much better to reduce them!! The CGT statement is incorrect. CGT has nothing to do with the loan balance. It is sold price...

Andy, do you have a PPOR mortgage? You would be much better, if everyone can agree, to pull your share of the savings back and paying down your PPOR mortgage instead. I can only assume the $8000 is saved in a seperate account to your IP Loan (otherwise you wouldn't be asking the question) so...