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If the offset account is on an IP or a PPOR loan there won't be a problem. But if it is on a PPOR removing money will result in the interest you are being charged increasing and since the loan relates to a non deductible loan the interest will not be deductible. If it is an invesment and...

Consider also the tax aspects of this - paying a deposit with cash. Cash cannot be reimbursed with borrowed money. If you are using borrowed money and parking it in a savings account then you could be ruining deductibility of interest.