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yes, the interest on the loan isnt tax deductable until you use the borrowed funds for an income producing investment. However, while they are in your offset waiting for such an opportunity, your not paying interest in any case. the advantages of doing it now, is that you can move quickly...

Is it worth reval after reno's? Yes, so you can borrow more. Put this recently borrowed money in your offset account for a rainy day, cause when it rains, banks dont like giving out umbrellas. If you dont trust yourself with such a scheme, the answer is No, there is no value in reval...