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You'd split the loan - one for mum, and a seperate LOC for investment use. Not sure about the deductibility of mums loan, one of the accountant's could help but I think it should be deductible.

At a guess how much equity do you think wil be achieved? Enough to bring to loan back to sub 80% lvr? Depending on your plans, mums inerest rate and time frame it might be cheaper to borrow from Mum, avoid lmi, do renos, access equity to 80% then to repay mum. But check the tax implications.