My son has asked me for an answer to a problem that is common, but each situation may be slightly different so here is his story. He is in a new job, paid monthly. His first pay didn't come through to his bank, so he checked and found he gave the details for his housing loan to the bank instead of his offset account details. So his first month's pay has gone into his housing loan. The house in question is now an IP so effectively, he will be claiming the interest on his tax for this year, so it is really an investment loan. Can he ask the bank to reverse this credit to his account and put it into his set off account without creating a problem for his tax? If he cannot, he will leave it in the loan rather than create a tax or accounting problem.