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Your lender has just displayed why they aren't allowed to give tax advice. They are 100% wrong wrong wrong. You don't want a loan that is blended. It always results in issues.

This is a blended loan example and yes it can be a problem. In the example given it WOULD render some non-deductible. Offsets are not a deductible use. It would be easier if the (new) loan split had a separate offset OR redraw. After the bank puts the $ into offset you repay the loan and the...