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Doing anything is fine if the ATO approves of it.

I read the Ops post as using the LOC to pay for the deposit and other costs associated with purchasing. If you are contemplating using the LOC to pay interest then this is a totally different scenario and deductibility will depend on why you are doing this.

1. yes 2. no - interest may not be deductible 3. no - interest may not be deductible