My first advice for anyone thinking about a line of credit is how disciplined are you with your income/spending/saving? Lines of credit were initially designed as wealth creation tools. Investors would set up a LOC (line of Credit) so that they could access funds for shares, property, bullion, collectables etc.
I would suggest you might want to set one up to use for the deposit, fees and charges to buy another property. Set it up as a separate subaccount or loan from your own home loan (if you still have one). This will ensure you keep personal debt separate from investment debt and your accountant or tax agent can see what interest you paid as interest paid on investments is tax deductable but for personal it is not. By only using the LOC to provide funds for the deposit etc you are able to make it stretch further and may be able to buy more than one property. Think of the LOC as your working account for investing. For the balance of the purchase I would look at a basic no frills or fixed loan so you know what payments you are up for each month verses income. All income from you investment property can go towards paying off your own home loan and reducing non tax deductable interest. This is only a brief outline but I am happy to send you some more info that I have put together for some of my clients.

Hope that gives you a brief outline. Regards Tina (mortgage broker).