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Its a good rate no doubt - but pretty standard for that loan size with the majors. NAB may have even shaved 2-3 more bps off.

Plus its just unnecessary - can easily set it up without the x-coll at no/little cost to you. The only cost I can think of is that you may need to set up another split loan (and some banks charge a monthly fee for the additional loan).

Expanding on the valuations side of things - for an investor, diversification is important. If one market falls and the other rises, you may still have equity to tap into to fund future growth. Diversification in markets gives you this benefit. However, if your crossed, you wont be able to...