Which way to spend savings?

Hello,
I am looking for opinions on the best way of utilising savings that I have and as always, I expect that there will be varied answers so I guess I'll go with the majority. It goes as follows:

I am in a situation where my accomodation is provided by the company I work for (lucky me). I currently have one house that I used to live in for a short time before my accomodation was provided. Therefore my house is considered to be an investment property of mine, is and has been for the last few years, negatively geared and tenanated. This also means that any further properties that  I consider buying, which I am in the midst of seriously doing, are also considered to be investment properties.

Now, with my savings, I am wanting to utilise the amount towards a property – i.e. a deposit for the next purchase or putting it towards my loan on my primary tenanted house thus reducing the loan to $80,000 and getting closer for it to be cash flow postive.

I have been advised by "professionals" not to go with either option as utilising my personal funds towards an investmet property is non – tax deductible. I have been advised to put the money away (what and earn a ridiculous interest rate on it??) for when I choose to make a purchase or investment of a "personal" nature.

The question is, which way is the best way? Understanding the tax benefits but surely I want to own these properties one day?? And considering my living situation where I am catered for, what choise am I to follow??

Also if anyone can give me their thoughts on buying a new house and negative gear it but depreciation is great or buying an older property with no depreciation (and possible higher maintenance) but is cash flow positive?

Thanks all…I think this is a great site and value all comments made.