Are offset accounts a good idea?

A solid offset account can help you get a more flexible house loan: You can deposit your salary directly into it rather than a traditional bank account, withdraw payments as needed, and use it to pay your bills. If you have more money in your offset account, the less you may have to pay on your mortgage. Another benefit is if you are claiming a tax deduction on the interest, financial advisers generally promote the use of offset accounts for tax purposes, and most accountants will advise you not to deposit funds and then draw them out again.