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PPOR or IP offset account makes a slight difference due to the tax deductions available on the loan, but even after considering this, you're still far better off putting the money into the offset account rather than a savings account. Putting the cash into a low income earner savings account...

Earn 4% in a savings account and pay tax on it (so you probably only get about 3%) or save 5.38% in an offset account with no tax to be paid. You're going to be at least 2% better off in the offset account in this scenario, it's a no brainer. You're probably thinking there would be a bunch...