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The EFFECT to you financially of offset and prepayment is about the same (offset makes it look like you have paid part of your loan off - so interent is charged as if you had paid off). IF you even partially REPAY your loan, essentially you can NEVER get your money back out unless you sell...

It doesn't make much difference to the bank - but huge difference for the Tax Office. If you don't do offset to start with, you get problems like this person: http://somersoft.com/forums/showthread.php?t=95797&highlight=offset The Y-man