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Generally you would only pay the interest on the loc and use cash from the offset for this and the IO loan repayments If u want use the loc to pay for the IO loan then you will need professional advice.

There is no use in going back to the same mob if they are going to direct you into an inferior structure with a high trailing commission.

The rate is way too high and a LOC is not the sort of loan you should be using to pay down your PPOR debt. You will be in a bad tax position if you ever decide to rent this place out in the future. What you should have is a IO (or PI) loan with a 100% offset and then a LOC for access to any...