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This would depend on whether or not you have any non deductible debt. If you have paid of your PPOR, car loan, credit cards.etc then you need somewhere to store your money and I would almost always say it's better offsetting the interest of an IP over sitting in the bank (even term deposit).

Good post Jamie and very important that you highlighted that this strategy works well for the disciplined. For the not to disciplined this can be very dangerous and whilst I am sure you will enjoy the extra couple of holidays you decided to take because there was over 100k sitting in your...