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I forgot to mention that putting the $10K into your existing IP loan rather than leaving it into the savings account is probably not worth the hassle. Your 5% earnings is taxable income so depending on your tax bracket you will be left with 3-3.5% but on the other hand your 8% interest...

Brad, Seeing that you have a fixed loan and considering that your loan is not high I wouldn't be that worried about restructuring the loan at present. The suggestions about offset and a different structure are good but in your case it depends on what you intend to do in the future...