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So have I got this right? With a P&I with offset, the monthly repayments stay the same (as with no offset a/c) but the loan is paid off sooner. But with an I/O loan the offset actually reduces your monthly repayments. So then I could put the monthly savings back into the offset...

My concern is we might be buying near the top of this market cycle if we buy now so paying off the principal assures us of a future return (or an ongoing income stream from rent) even if there is little/no capital growth. IF you took the view that there might be a bubble or at least a correction...

We own our PPR outright, have no debt and a fairly substantial amount of cash available. We have two IPs, with I/O loans. We plan to buy another IP: Should we go with a 100% I/O loan or put a deposit down and pay P&I with a significant sum in an offset account, which should result in us owning...