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It depends how the loans have been structured. Your house has an LVR of 280/450 = 62.2% Your IP has an LVR of 305/287 = 106.3% Given this, they've cross collateralised the two properties (used both properties as security for both loans), so your calculation is the correct one. For an...

1.5% is a general rule. Some are a bit more, and a few are a little less.

Generally correct. Most use P&I at 1.5% above the standard rate on new and existing borrowings, not actual repayments. There are a few exceptions and these tend to have the most generous serviceability when you've got multiple properties. Others will take negative gearing into account, and...