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Yes thats correct. But if you are doing that why do you have a LOC of $600k? That severely restricts your ability to get another loan to fund the other 80%.

Hi, you should read more about cross collaterisation. Not a good idea to get a LOC and buy an IP using it. I made that mistake. Luckily I had enough equity to keep buying. And also luckily my PPOR plus the first IP went up in value allowing me to uncross them before selling the PPOR.