As discussed by Australia's Herald Sun, and may work for you if you have a lender who offers savings vehicles.
They are called offset accounts. They give the bank more money to lend to others, protect their exposure since your savings account or certificate of deposit is more liquid than home equity and so may lower your debt interest rate. At the same time, you likely will not get the best savings rate on the money in this account.
Offset accounts are great strategies to reduce your. Offset accounts into which you put your salary and surplus cash link your home loan to a savings or transaction account.
The balance in the savings account is then used to offset the home loan balance, thus reducing interest costs. As interest is calculated daily on a home loan, the benefit to borrowers accrues as soon as there is cash in the transaction account.
Using a credit card to pay for expenses allows you to keep your money in the offset account for any interest-free period given by the card.
There are tax benefits to an offset account. Tax is not paid on interest credited to your savings account because the interest is not actually being earned, but it instead offsets the home loan interest.
These accounts are ideal for people who don't want to pay off their home loan so they can use the money, but who want to reduce their interest bill.
