Save more with offsets and redraws
Those with home loans should seriously consider why they are putting large amounts into savings accounts in the first place.
Use an offset account attached to your home loan to hold your savings. Make sure it is a 100 per cent offset account and then your savings will effectively be earning the home loan interest rate.
If a full offset acount is not available, use redraw – use your cash savings to reduce your outstanding loan amount and draw it back when you need it.