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Not a tax expert, so the accountants will follow, but i think you're understanding is correct: Current tax effect: You claim all interest deductions for the property. Your parents dont claim any tax consequence for the gaurantee which is viewed as 'contingent liability' on their personal...

Second this. I'd look into cleaning this up before making your next move. Cheers, Redom

You're likely to be earning ~4% in your ING account. Interest income is taxable. You can earn whatever the interest rate you pay by putting it in your offset. So it'll be slightly better to move funds there. Although, as Jamie said, if your have a PPOR offset, best to place your...