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From my understanding it already is - it's only the $25k that's the problem. Not an accountant though so like Terry says best to check with a pro.

It definitely looks like #3 had been used to pay off the $25k ppor loan, so this is non deductible. However it 'could' be as easy to fix a drawing down on loan 2 to repay loan 3. End result loan 2 not deductible, loan 3 reset to zero with 25 k in redraw and the other $425 in clean offset...