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Not all banks automatically roll over IO debt. It can be a bit of a trap, especially if since you got the IO loan you have further loans causing serviceability issues, and or the lender changes their calculators/policies...

NO fee for moving the money over, but usually a fee to get your title back. Another advantage of IO with offset is if the purpose of the property changes. If you had paid off some principal, and then wanted to upgrade and keep the old as a rental, IO with offset will have greater tax...