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I missed this bit - oh dear.

Hypothetically at the end it could look like this - IP1 - 80% Ip2 - 80% Mum's PPOR - 3% toward IP1 - 20% toward IP2 (or the balance if value on IP 2 has gone up.) All secured individually so no more x-coll.

From what I understand from your post - To release mum's property from IP1 without using any cash, equity from another property or further x-coll, you'll have to pay LMI as the LVR will be around 83%. This uses all IP 1 equity, and releases Mum's PPOR with no loan attached. However - due to the...

While they can't give tax advice, it's SO important that they understand the tax implications of the loans they're setting up! Most have no clue. Or interest in getting a clue.

Time for a new broker by the sounds of that. Too many brokers have no understanding of the tax implications of what they're setting up.