Without more specifics and your plans, it is hard to give specific recommendations, but as a general rule of thumb………
1. Pay as much as you can off non deductable debt first (ie your own home) and IO on deductable (ie IP's)
2. If you have paid off your home and have nothing else you plan on doing with your money, and do not wish to buy more, by all means, start paying down your other properties.
3. Depending on what else you plan, a Line of Credit as a loan split or by itself, an all in one type account or offset account (again depending on your future plans) or even a basic no frills cheapy loan (for an IP) could all be relevant to you.
My question is however why are you asking for suggestions on restructuring a loan you have only just got? Was it a rush job, or are you not happy with it? Bear in mind, you may have some (will) major break costs or early repayment fees.
If you want to give further details, or even find a finance/mortgage broker locally, preferably one that actaully owns some property, I'm sure you will find the answers and suggestions to get the ball rolling for you. All the best…… AND welcome to the forum.

Hi Moosehead. Yes, some are a pleasure to deal with…..not. As far as calculating your servicability goes, banks will always use P&I on loans you have with them even if IO only….BUT get this. Go to another bank, apply for your next loan, and they will only count your actual loan repayments with the other bank, or sometimes a straight interest value, rather than the P&I rate,( and also loading up the current variable interest rate by 1.5 % or so on all your loans in order to 'assess' you. ) I hope that makes sense?
This is why most seasoned investors and brokers recommend structuring your loans with more than one lender for that reason. 
Weird eh? 
As an additional sidepoint, one lender in particular will assess you on the current interest rate only (without loading it up) if you take out a fixed interest loan for a minimum of four years. That can make a difference of $20k or so on an average size loan!Bearing in mind all these things may not sound much, but as I guess you are working out now, can definately affect your servicability, and thus borrowing power. And simply put, a lender or bank that only has their own loan product to offer you is not going to explain all that to you. All the best.

(Remember, the drones that do most 'bank lending' are nothing like the 'dummy in mouth replacing fashionably dressed' caring models used in bank TV adds!   

Good on you for the higher income and improved situation. Based on what you have said, I think your second option if you can change makes most sense – change to I/O on existing loan and leave as is. You are on a good rate, and this is then set up nice and flexible for the future – your needs may change. But as you have obviously researched, for a PPOR that 'may become' an IP in future, this is a great way to set it up, using the offset mortgage account along with IO.  An LOC is generally used when you want to access funds from your own home, to access equity (for personal or investment usage – which need to be kept seperate too! – in which case I woud suggest a split loan)  A $6k break charge woudl take years to recover in any cheaper interest rate you may be able to get at this point for a loan like this! Put your funds towards a new seperate loan for your next property, bearing in mind it makes sense not to have your eggs in one basket with finance/lenders (tsk, what would my lender say!)
All the best!

Great comments Kiwifuller…..and I think you have confimed what I posted earlier when you said ….Quote the yeild is has come down to 6%,
You have done well using your combination of Hans info, own skill and a few brave pills, and obviously now reaping the benefits. BUT the current yield you mentioned now based on current valuations/appraisels  (if lucky) is generally what new investors are also coming in at – thus making a most of the 'out of the box' 'positive geared' properties virtually non existant without major work, luck, negotiaition, or a combination of all three…..still great in principal though.
All the best with your proposed changes in strategy!

Hi. I too have looked at Hans stuff – it does look good and legit – however it is the same as Steve Mcknights stuff (the first two books) in that while the principles and strategies are great, unfortunately they were all  'pre -boom' and finding property that comes close to the types mentioned in much of this material is all but impossible now, except in remote or rural areas – and please anyone who wants to disagree, I suggest you re read the respective publications and info again and check out the purchase prices. Most of the properties are $50k specials – not much of that left. However, buying as wisely as possible and trying to maximise rental income will never go out of date that' for sure. All the best.

Ah Marcs real life experience reminds me of a similar joke……
A man with testicular issues that had an operation planned for their removal, was very selfconscious about looking no different – so pleaded with the doctor to see if there was anything that could be done to replace the bits planned for removal. With little notice, the doctor did not have many options, so kindly suggested he could replace the mans 'parts' with a couple of reasonbly sized pickled onions. all went well, and looked and felt normal. At the two week check up the doctor asked 'so hows it going – you know, post op, and with your , ah eh, replacement  parts.? The man sheepishly replied ' well everythings going well – except ,  ….you know that feeling you get down below when you see a pretty woman in a short skirt…….I get that everytime I see a salad roll  ! '

Hi somewhereoverthere. There is no real 'best loan'. That said, there are some beauties. A lot of the cheaper ones (like advantage and virgin) brokers don't like because they don't get paid much or cannot access – and yes, they ARE cheap, good basic loans- Advantage in particular. That said, they are designed for people that are happy for a 'quicky loan', and know what they want – often happy to 'do' over the phone -in all fairnesss, if you are getting what are effectively wholesale rates you cannot expect more. But as you are chasing a 100% loan (effectively)some of the non banklenders are great – check out RAMS and wizard. St.George also do a 100% but via the branches can take a long time to get sorted. BUT, on any loans over $250k, it is often a so called 'pro pack' from a bank that offers a discounted rate, in exchange for an annual fee, that evens the playing field – and the only way to to a loan like that is via a good broker, unless you have hours to spend chasing up ignoramous bank personel that in most cases are bordering on brain dead financially.). Also, someone such as a broker or experieince 'non bank' lender will have done far more training, and have more 'hands on' experience than most 'bank lenders' – invaluable when it comes down to assistance with loan structuring ideas, and a bit of free advice…..which is worth $$$ more than shaving off a fraction of a percent on an interest rate!  All the best with your purchase. (Also – bear in mond many lenders allow you to pay extra off fixed loans now with no penalty – win win) 

Just wondering if you really need an 'offset' facility. Many brokers (and others who like to 'sound authoritive') like to toss this expression around to sound important, but really it is only in a very few (which I have done/organised too) situations where it is really beneficial. Just wondering if, depending on your stragey, and if you plan to buy more property, whether or not it would be easier for you to avoid restructuring as part of a 'package', and perhaps grab yourself a basic cheapy no frills loan and avoid all the hassle, stress, and annual fees. Other than that, the bank should fit in with you, after all is'nt that what they are there for????(Especially if you are not refinancing, they should be more than happy to oblige – anyway, all the best)

And, when you do have or get equity in the property, if you choose a decent loan, no one says you have to pay the car loan off over 25 years. You get a loan 'split' (free on a good loan) and take the ca loan (or card/personal whatever) over it's original term – ie maybe $10k over 5 years in the split, but @ homeloan rates! And pay it off as quick as you can.

Yep – much over 90% can be a challenge now, when there is debt consolidation in particular. Maybe your val will come in well. All the best. A full doc loan with what was once considered a 'non conforming ' lender can often yield competitive rates and results, (ie Liberty ) but many lenders have indeed changed their LVR now on refi from 95 to 90 – yet you can buy at 95 for an IP or 100% LVR PPOR no drama. It's a funny industry……