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If you redrew to fund income producing assets it shouldnt be an issue tax wise. The tax department cares much more of what the money is used for rather than where it comes from.

I believe there is, expecially if you want to make it an IP down track. My understanding is that if you want to turn your PPOR into an IP down the track you cannot redraw the excess funds to use to buy a new PPOR and then claim the interest against the old PPOR(now an IP) as it was directed...