Whats the best option?

We currently have 1 property where we reside and are looking to buy IPs. A year or so ago, I got the current home loan changed to interest only because we decided to move out of there and into a rental property. But things have changed since then and we have decided to stay in this house for now and possibly for a few years may 5 or 10, depends on few things.
I still kept the loan and interest only and decided to save up money so we can but a IP, but now I am thinking would it be better to pay off loan quickly and use the equity to but IPs?
I keep on feeling because our mortgage payment is smaller may be we are not saving enough and increasing the mortgage repayment will give a lil extra push and things might move quickly.
Any thoughts and suggestions would help.

 

There's a way to make the full IP deposit and costs deductible and reduce your PPOR debt at the same time.

How easy it will be depends on your lender, but in effect if your deposit is $100k, you split the PPOR loan into 2 part, one of which is $100k and the other the remainder of the PPOR loan.

Pay the cash you've saved into the $100k split, then use that for your deposit and costs. This makes the $100k split deductible and has reduced your PPOR debt by $100k.

You can often do this with just a form but it depends on lender.