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Serviceability could be a reason too.

Yes, and the fact that periodically the LOC will need to be increased with a corresponding decrease in the home loan. Sounds like they didn't have much equity to play with.

That link didn't work, try this

In an August edition of the Bantacs Newsflash there was a small article about an application for a private ruling which concerned a 'method' of borrowing from a LOC to pay the interest and other expenses of a rental property. The ATO rejected the method and denied the deductibility of this...