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P&I repayments have a minimum amount based on the original loan amount, limit and interest rate. Money in the offset account doesn't change the repayment amount, but it does mean you pay less interest and more principal. You'll own the property sooner. I/O repayments are based on the amount...

If you can see yourself purchasing a new PPOR at some point in the future, perhaps it would be beneficial to pay interest only and put all your surplus cash into an offset account. This would probably give you a better result when you did purchase that new PPOR. If you can't see yourself...