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I'd be interested to know why offset accounts (which have been around since the early 90s) are illegal? More likely they're nervous about ARPA and their book of interest only loans. That doesn't make anything illegal but it does impact their ability to access cheap money.

The problem with this is you're going back to the people who gave you some really bad advice and trusting them to make good on it. If they really understood the implications of what they're doing, they would have done it properly in the first place. The structure that's been outlined for you...

The structure you've got is not good, the structure you've proposed is actually worse. Sharin's suggestion is a good one. Rather than trying to do this yourself, call one of the brokers to get this done for you. Jamie Moore is in Canberra and Sharin is in Sydney. It doesn't cost you...