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I may have misinterpreted your original post, I was under the impression that if you were going to use a 5% deposit it would come from savings or redraw in your existing PPOR loan. It definitely needs to come from a separate 'investment loan', although this would be secured by your PPOR...

Option 2 has less tax deductions available because you're only borrowing 95% instead of the full purchase price plus costs (effectively about 105%). Option 1 is not a good option because the loans are cross collateralised. What everyone has been trying to tell you is to look at a third...