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While this is true, you would want to make sure that you weren't tempted to use those funds in the offset account for personal purchases.

I would say no. In an Interest Only loan, you would normally draw down all funds for use at the time the loan is taken out. With an approved LOC, you don't need to draw the funds down at all. They can just sit there for use when you want to use them. You can have cheque access, and I...