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Whatever amount you have in the offset has the exact same effect as having the same amount paid off your loan (assuming it is a 100% offset account). If you have a $300k loan and pay off $100k, you will pay interest on $200k. If you have a $300k loan and have $100k sitting in an offset, you...

IO with offset every time. Unless, as Rolf points out, poor money managers are at the helm. BR