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No, it should be 2 loans. You can have multiple loans against any property. I strongly suggest you get one of the brokers to help you with this.

If that's what your broker is setting up, you're in real trouble. You'll loose all the tax deductions on the $230k. If your broker isn't suggesting the structure that's already been outlined by myself and Rolf, walk away and use a broker who understands what they're doing.

I mean two loans against your PPOR. If you've only got a single loan against your PPOR, you're probably missing out on tax deductions, which will probably cost you a lot more than the cheap rates are saving.

The simple question is did you set up one single loan account, or did you set up two when you refinanced? One loan should have been to refinance your existing and a second loan to access the equity. If you've set it up as two loans, you'll miss out on a lot of tax deductions, which may cost...

It always makes more sense to reduce your non deductible debt than to pay off investment lending. The only question is what's the way to go about it that suits you best? Given that you've paying P&I on your PPOR loan, this would suggest that you intend for this house to always be your PPOR...