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Ok, scrap what I said above. Say you have a loan at 6.00% with an offset and another with 5.94% with an offset. You would be better to place your cash in the offset attached to the loan with a higher rate as you would be saving more interest. If both rates on both loans were the same then you...

That is a good point. Separate issue is will be money borrowed and invested into an offset account be deductible? Please see advice from your neighbour before doing this.

Assuming same owners it shouldn't matter how many offsets you have. You will still save the same amount of tax.