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Not in my experience, but IO for a PPOR might be a bit unusual for some brokers who do a lot of PPOR lending and not too much IP lending. If you can convert later I can't see why you can't do it straight away. Ask your broker - it's worth a shot :) What you currently have won't get you in...

In this case your equity will be in your offset. I would set up both as IO, and pay all extra funds into your offset. This just gives you the best flexibility and avoids paying principal off a property that will turn into an investment. The funds in your offset can then be used for your...