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If the LOC has been used solely for investment purposes (ie funding your IP purchase), then all you're doing is borrowing using an investment loan to pay down an investment loan. Same use at both ends, so no big deal.

Will you still have a loan against your PPOR? If so, you would probably be better off to keep the new loan as interest only and direct the savings to paying off your non deductable PPOR loan. The best structure will depend on your extende d financial circustances and your longer term goals.