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I had a client who had 6 properties all fully paid off - and all Sydney properties too. All pre-CGT so no tax on the sale at all. She recently retired from work and has started selling them off. Her rational was the upkeep was too much, land tax was huge and rental yields were low. She is...

Since borrowing for personal expenses won't result in the interest being deductible you could borrow to pay expenses and to live on rents - strategy 3. But you still have to convince a lender to lend.