margin/asset line loan for shares, a good idea?

G'day

I've been thinking about gearing for shares, with a margin loan account based on the house equity. I'd probably start with 100 grand using some sort of revolving 'asset line account' that most banks have. I'm led to believe that the best way to get the money from the loan is to do it this way (from the equity in the house) rather than establish a seperate 'margin' loan account, which has a higher interest rate, and the dreaded 'calling' if the funds go down in price.

My question is, who here does their trading this way (gear for shares from the equity in the house rather than have a seperate acount) and who had decided they'd gear shares rather than property (which is the usual method orf an asset line account? By gearing off the house value, there's no pay-out if the shares fall in value, as it's the same principle if the house falls in value really (ie. no pay out).

Personally i'd prefer to DIY the shares (rather than go thru a managed fund). At least that way there's no added commission (1.5% approx.) on top of the home loan interest rate (6.57% approx). What tax advantages are there in doing this as opposed to gearing for property?

Any comments, experiences, or advice would be appreciated.

Regards