Use of PPoR equity for IP purchase

Hi,
I'm looking at purchasing two IPs in the near future. My plan is to get a separate loan at 80% LVR for each of the purchases and redraw against the equity in my PPoR to pay the remaining 20% and other purchase costs. I do have sufficient funds in offset accounts against other IPs and my PPoR to pay the 20% but would rather borrow the entire amount needed for the purchase to maximise tax deductions (ie interest). I have a couple of questions:

1. Should I access the equity in my PPoR as a single line of credit which I then draw on to fund the purchases or should I setup two separate LOCs so that I have one for each new IP purchase?
2. When I setup the LOC against my PPoR, is there any limitations on what I can use the funds for without "polluting" the LOC and therefore the interest not being tax deductible? I would only use it for IP related costs such as paying the remaining 20% of the purchase price but also wondering whether I can use the LOC to pay other purchase costs (borrowing costs, stamp duty, legal fees, etc) and also maintenance/repair costs once I have purchased the properties?

Thank you

 

1. one is ok, two wouldn't hurt
2. seek specific tax advice, especially about Part IVA
Tax Tip 4: Borrowing to Pay investment expenses Tax Tip 4: Borrowing to Pay investment expenses

 

Many thanks Terry