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If you borrow 100% for the new investment property then 100% would be deductible - unlesss you have stuffed up along the way. Not sure why you want a second offset?

If you are using ANZ you would set up a portion of the loan as an 'equity manager' product. Use this to invest. If you have multiple investments then you may need multiple equity managers.

1 offset You don't 'place' funds anywhere. You borrow to invest so as to keep the interest deductible

This is how I would do it Loan 1 $200,000 ? IO or PI with offset account attached. Security = PPOR Loan 2 $600,000 ? LOC or IO loan which allows redraw from the loan. Security = PPOR This loan should be split into smaller portions to allow easy segregation. Share borrowings can come from one...