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The deposit will be borrowed, so you are borrowing 103% without cross collateralising the loans.

Great point.

Taking money from an offset account is not reborrowing, but just using cash. If you did this the interest on your home loan would increase and this won't be deductible. Ideally you would keep the cash in the offset and then tap into the equity in your property and set up a different loan. but...

If you use $200k cash as deposits for investment properties you will be paying interest on your PPOR still. However if you paid down your PPOR and reborrowed $200k (separate split) to invest then you would be able to claim an extra $10,000 approx every year for the next 30 years or so. A...