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It's an application to create a new loan account, so there are fees generally but maybe waived under package- depends on lender but any fees usually aren't too outrageous. Prob takes a week, or a month if it's ME bank :)

No, they wouldn't normally revalue to redraw equity. It's conceivable that in a GFC type scenario they might say you can't access the funds sitting in redraw though - I know U-bank for example has this in their T&C's - so using an offset can make that one step further removed.

It's no hassle to top up the new split when the time comes. Re official term, both work :)

1 - you could, but why not do it all at once? 2- This is what I would suggest, or a LOC. Bank can't/won't close it although they can call in a LOC. 3 - this is pretty much the same as 1 without the split. I'd suggest a split. 4 - Mixed funds would contaminate very quickly if it's your main...