Hi DraconisV, hi everyone,
I banked with the Bank of Queensland and they set this up free of charge! Another postee said they bacnked with the ANZ and they could do it, check around. If you can be disciplined with your expenses so you don’t transfer more than you are spending and don’t spend more than you normally would or should, the extra money in the Home Loan Account reduces the amount of interest you pay by the extra income banked into the account. If you draw out more than you should to pay off your credit card, you end up going backwards and paying more interest! Take it as a great idea that has just saved you over $5k and could save you $1,000s more and run with it if you can make it work for you. Banks are busting to give you money any way they can. Make them work for it for you for free!
Cheers