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Exactly! well put

Yes. if you are talking about say $100,000 in savings in the offset this would give you around $5000 extra in deductions each year. If you used the $100k to invest you would pay $5000 more interest on the home loan and this would not be deductible. But if you paid the $100k off the home...

No 3. Pay down the loan and reborrow the money. This will decrease non deductible debt and increase deductions. No 4. Increase the loan to 90%. I would favour No 3 myself. Just make sure you get the splits right.