Yep, but most people need to put that $100 in savings for a rainy day so they don't. Or they end up spending it on the newer car, bigger house.
But with an open-end mortgage you can pay in that extra $100 and get it right back whenever you need it. Macquarie Mortgages come with a check card and check book. You can walk up to an ATM and withdraw cash just like from your checking account and you just pay interest on your average monthly balance. There are no extra fees or higher interest for cash withdraws. In Australia, you use your mortgage (Asset Manager Account) as your checking, savings, money market and mortgage all combined.
Obviously the fact that you can access the equity in your home so easily is exactly why I would put less than 5-10% of my American clients in a mortgage product like this. American's don't have enough financial discipline and they always live right on the edge of beyond their means.
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