Is this type of account good for our circumstances?

Q.

My partner and I are in our mid twenties and we are looking at buying our first home. We plan to live in the property for at least twelve months, and then rent it, with the aim of building a medium to large property portfolio over a long period of time. We both work full time and are great savers. When applying for our loan the broker suggested using a mortgage offset account and putting all our future saving plus our $30,000 deposit into it. Considering our plans is it wise to put a lot of cash into an offset account?

I think that is excellent advice. This will give you maximum flexibility and will enable you to maximise your negative gearing tax deductions when you eventually rent the property out.