There can be little doubt that an offset account has the effect on paying off a mortgage quicker.
In most cases you can have excess funds added to the offset account to get a better result but you can also grab monies back and pay the penalties.
So why not do exactly the same with Home Equity Line of Credit where "surplus" funds are put directly to your mortgage. When funds are required for emergencies, holidays or other expenditure, why not put them on credit card with no effect and then, as apart of the regularly monthly clearing of the credit cards, the Home Equity Line of Credit is increased to cover these outgoings?
The effect is far more beneficial.
You are actually in a better position when "life happens" and you have a HELOC in place.
Watch for the upcoming blog where we do exactly that - take a great holiday and still keep making great gains on paying out the home mortgage.