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Of course the $420k is fully claimable. It is all going towards the new IP. You're just cross-securitising the new IP against you PPOR, hence the need to bring the PPOR loan down a bit by paying some of your offset into the loan.

Something is wrong with your scenario. How can you reduce your PPOR loan by $100k - where does the $100k come from? Are you saying the the new loan against your new IP will come to $520k? i.e. $420k towards IP and $100k towards existing PPOR loan? And it has been said many times on...