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Funds used to invest will be deductible no matter where they come from, whereas funds used to pay down a personal loan will most likely not be deductible. Whether it comes from your PPOR or IP doesn't matter as it is the purpose of the funds that determines deductibility, not what the loan...

Which lenders are you currently with? Paul's right, you would definitely benefit from a conversation with a broker to plot out the best way to access your equity. Exactly what can be done will depend very much on which lender/s you're with. Fingers crossed not Bankwest :)