DH and I are going to consolidate our car and personal loans into our home loan. The weekly repayments will reduce from $380 p/w to $120 p/w. The extra money will go straight onto the home loan to offset the interest and will also act as a savings account.

Like you Nai, we also have a high interest savings account which we have set up as our "baby fund" - with interest rates going up we certainly notice the difference (at least one positive that comes from the RBA!).