Hi op, you can reduce the limit, just call 132558.
Just check when you are on the phone that there is no penalty for paying down the limit (some loans have a fee for payments over $15k).
I personally wouldn't get rid of your offset account as there is no cost to have this account, even if you have a few dollars in the account, it can save on some interest. If you do choose to reduce the limit, keep in mind that redraw is a handy thing to have in case of a rainy day even if it is only a few hundred dollars.
Furthermore, keep in mind that if in the future you would like to access the equity in your house, if you need to increase your limit it will likely be subject to new application and revaluing your house. This doesn't normally happen immediately.
Other tips I can think of is don't have card access to the offset account, you can change your card access at the branch. If you have any questions aand don't want to talk about it all on the phone, make an appointment at your nearest branch and hey can help you through it.
Edited by Juki, 31 January 2013 - 06:41 PM.