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Close Offset on IP Loan 1 and Loan 2 as they are useless. Use offset on PPOR until that loan is repaid. NO EXCEPTION. Use offset for all rental income and paying outgoings, wages, savings etc.

IMO if the offset is against an IP rather than a PPOR you may be better off without an offset but with a generous bank savings account that pays 0% interest. At least you wont lose deductions for interest and wont have a tax issue.

1. No. Some may be deductible. New costs to refinance may be deductible over another 60mths. Apportioned between IP1 and other use which hasn't happened yet. Some may just be outright non-deductible at this point. 2. Incorrect. IP2 hasn't been bought. When funds are used to acquire IP2 then...