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This really is a very simple deal and if you access the equity in your PPOR properly, the interest certainly is tax deductable. You then then take that equity (now cash) and use it for a deposit on the new purchase. To ensure tax deductability of the loan it is critical that it is structured...

Generally no problem at all, in fact I'm wondering what part of this requires something creative? I agree with Aaron that the cross-collateralisation is a bad idea however. It's a very straight forward process to use the equity in your existing home (in fact I'd recommend it because it's...