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Your existing loan is intended to become tax deductible. The problem is, you're redrawing some money from a deductible loan for personal use (buying your own home), so the money you're redrawing is not tax deductible. This mixes the use of the loan and the ATO may rule that the entire loan is...

By using the redraw to fund your new home, you're in danger of mixing deductible and non-deductible debt, which risks you loosing the ability to claim any tax deductions on you existing mortgage when it becomes an IP. My suggestion would be to isolate your $80k redraw into a separate loan...