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You could just convert the LOC to a regular I/O variable loan with an offset account. This might work depending on what it was or is being used for. Some (very few) lenders will allow the offset account to have multiple sub accounts which would probably work as well. BTW, which properties are...

It'll help if you stop trying to think of it as an offset account. It's really just a savings account with some special features that reduce the interest on the loan instead of earning interest. The only money that you should not put into an savings/offset account is money you've borrowed...