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I read it as using a LOC to make repayments on another IP loan, then claiming the interest on the LOC. Certainly claiming interest on a LOC used as funds for a deposit and stamp duty isn't an problem. Using it to make repayments can be a problem. Looking at the wording of the original...

I think this is a very specific topic to discuss with your accountant. I've seen a couple of cases where a client tried to do this and did get into trouble with the ATO. It seems they have a problem with you claiming interest on a loan where you borrowed money to pay interest. Individual...