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You would have paid less LMI if you had stand alone structure as well. Not making you feel bad as you would not have known because who ever set the loans up either didnt know or didnt care enough to give you the choice?

Pay the bank the minimum required (interest only) and store the rest in the offset. Has the same nett effect but you keep the cash (principal) in your control. Very, very big long term advantage to you instead of the bank.