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There's two places you're storing cash here. The offset account and the LOC. Income goes into the offset account. This includes your salary and rent received. The LOC is a loan, so it's effectively the same as using equity or redraw like any other loan. This is not a good place to store...

I think you're asking for trouble with the ATO some time down the track. Better to put the rent into an offset account as well as other personal income, and have the repayments come out of that offset account. You can use a LOC as a loan to pay expenses such as maintenance, property...