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If you borrow to invest and do so directly the interest should be deductible. Security doesn't matter.

Do you mean $30k or $30? I would suggest you just pay down the PPOR loan and use redraw to borrow 20% plus stamp duty from this. This loan will then be solely associated with the investment property and all interest deductible. Then borrow 80% against the new property. 103% finance and no...