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I personally wouldn't set it up that way, but use a LOC. By borrowing and parking cash in an offset account, even an empty one, you are weakening the connection between borrowing and investing. As a tax lawyer I would recommend not to do this, but if you want to then apply for your own private...

Yes, definitely the way to go for the small equity releases.

Ther certainly is issues with parking the money somewhere to write a cheque. If you mix the borrowed money with unborrowed you will loose the full deductibility of interest. This is what happened in the Domjan case.