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Just be very careful about where you put the new loan money. It must go DIRECTLY from the bank that generated the loan directly into the new IP (or IP purchase costs). If you store/mix any part of the $420k into your offset or any other account/loan at any time, you will most likely affect...

How do you get the PPOR loan to reduce by $100k ? The way I see it, you borrow extra $420k.. which is ALL used to pay for new IP and expenses. Where does the $100k reduction of existing PPOR loan come from ?