You get up most mornings, swill a cup of tea or coffee, grab your keys and rush out of the door to get to work in time for that early meeting. Sound familiar? If youre tired of working hard for your money, look into ways that you can make your money work for you.

One way of using your income to work to your advantage is by using it to reduce the amount of interest you pay on your home loan. How? Most banks and lenders offer an offset account, or Westpac customers may choose to use SmartPay.

How does westpacs SmartPay work? Its simple. You have all of your income paid directly into your home loan account. In order to make bill payments and access your cash for everyday living expenses, you can arrange direct transfers from your home loan account into other Westpac transaction accounts, or have your bills paid directly from your home loan account.

Using a facility such as Westpacs SmartPay means that every dollar you have paid into your account works for you by reducing the amount of interest payable on your home loan. This way of banking also gives Westpac customers an incentive to be budget-conscious, as the more money you can keep in your home loan account, the less interest you pay.

SmartPay could save Westpac customers thousands of dollars in interest charges, which means they could pay off their home loan debt sooner and slash years from their home loan terms.

Westpac allow the SmartPay facility to be used on their Premium Option Home Loan, Rocket Payday Loans , Rocket Investment Loan, Rocket Access Equity Loan, Rocket Equity Investment Loan, Rocket construction finance and Equity Access Loan, but other loan types are not able to take advantage of the facility. Also make sure you look at the settlement buyers guide to know what you need to do when settling.

A simple strategy such as using Westpacs SmartPay could be an effective way to have your income working for you, by saving you money on your home loan. Similar facilities are offered by other banks and lenders, so be sure to shop around for the features you need in a home loan before making your choice. Speak to your financial broker for further advice on how you can use your income to help out with your home loan.