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Thanks I will work up the energy to do uncross my loans. I think Rolf gave me advice to do so over a year ago but i have been too lazy to follow through. Cheers everyone for all of your help :)

Thanks Rolf ....You are quite correct about the convenience factor.....I really am a lazy investor. All current loans are with same lender..CBA..I am Looking at doer uppers for up to $400K for my PPOR. Formulating a plan based on above advice..... As Rolf suggests, I could take out loan for 20%...

Thanks Terry and Y-man for your responses. I take on board that I can not get any tax benefit from redrawing principle paid off that IP loan. What I don't really understand is how using equity from that property would benefit me. If I use the equity doesn't that just increase the non deductible...

I have an IP that I purchased in 2003 for $280,000. It is now valued at $380,000.. In 2008 I foolishly locked in a loan on this property at 8% for 5 years (which has been a financial struggle). I have been paying principle down in lump sum payments on this loan each year.The loan on the IP is...