Borrowing amount

Hi all, I have about $300k savings and looking to purchase a property in Melbourne around $600k + stamp duty. I was told that I could borrow up to $480k. Would it be better if I borrow:
1/ $400k + offset -> lower repayments, or
2/ $480k + offset -> higher repayments with more flexibility

I'm quite frugal. Just want to ask which option would be better for me since I'm single earning average income