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Thanks everyone for your help and clarification. Yes, I agree if interest is being calculated daily, then an offset account on a IO loan makes no difference in terms of amount of interest you would pay compare to a P&I loan even if it pays weekly. I also get the Tax advantage of not offsetting...

Dear all I am thinking of refinancing my loan to a different lender who is offering better rates and upon reviewing whether I should choose interest only loan vs principle +interest loan I really want to get some expert opinions from everyone. I believe interest only loans are flawed. The...