A popular way to speed up the repayment of your home loan is to have a redraw facility as part of your home loan.
A redraw facility is similar to an offset account in that you can contribute excess funds to your home loan to reduce the interest you pay.
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Some borrowers prefer to use a redraw facility because they are less tempted to spend the excess funds than they would be with an offset account.
It's possible to keep savings there until you require a lump sum, to fund a holiday for example, when you can redraw all or part of the excess. In the meantime, the positive balance works to reduce your loan. Some redraw facilities attract a fee upon withdrawing excess funds.
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