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The difference is the tax deductibility of the interest on the loan. Do a search of threads on tax deductability. I am not very good at explaining this, but I'm sure someone else can butt in and clarify... Basically if you use your redraw facility, you are draw money off the loan again. If...

Mez - slightly off topic, but please don't pull money out of "redraw" from your IP's to fund you PPOR!!!! If it is in an offset account, go for it, but not redraw!