While there are many acceleration programs presently available, I was lucky enough to stumble across another one that Australians are utilizing. 

There are several options and alternatives to loan-acceleration programs. One of the more sophisticated is an Australian-based concept that calls for running all financial transactions (checking, savings, money-market accounts) through a line of credit that would be the first lien on your house. (In many countries such as Australia and Canada, mortgage interest is not tax-deductible.) Instead of paying on a conventional first mortgage, your mortgage would be a first line of credit. You would deposit your paycheck directly into this account each month and then write checks for all your needs (groceries, dentist bill, utilities) from this account.

In a nutshell, the loan's philosophy is that since the interest paid "out" to your mortgage is greater than the interest paid "in" to your checking or savings account, it's better to pay the mortgage down with "lazy" cash that would be sitting in your checking account earmarked for household bills.

If we did this in the US I wonder that the implications would be?  A higher incentive to save or an opportunity to spend down equity?  We aren't the best savers around, but it would be a nice opportunity to have. What do you all think? How about you lenders and institutional types?

Want to find out more, click http://www.inman.com/inmannews.aspx?ID=65286 here.