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Just in time to avoid potential problems then!

Yes that is right Easy to change, but all payments into the loan are gone and shouldn't be drawn out.

You need to speak to a tax agent or a tax lawyer about tax advice. Your will be $300k. But $100k of this will be associated with the purchase of the property and $200k will be associated with the redraw and this will unlikely relate to the property, or at the very best it will be seriously...

Best to keep all cash in the offset until you start to invest. Then if you have equity keep the cash as is and borrow under a new split. Use this as deposits and get loans secured on the new property for the rest. If no equity then move money from the offset into the loan, pay it down...