I have been using git (msysgit on windows) a lot lately. One thing that really bothered me was that I couldn’t find a way to set the home directory. I wanted the Git Bash to open pointed to the directory C:\Solutions, this is where all of my source code resides. I am not sure if there isn’t a way to specify it or I just didn’t find it. I did however come up with a way that I can get it to open to the directory of my choice.

In Windows 7 do a search for git, right click and select properties.

Change the value of Start in to point to the directory you want Git Bash to start in. Click OK to close and save the information.

Launch Git Bash, here I am using Executor (http://executor.dk).

Git Bash will open at the path you specified in the Start in.
This did not change the home path, all .gitconfig, .bashrc, etc files are still located at ~. This just caused Git Bash to open pointed to the directory of your choice.
Oh, and another thing, if you re-install or upgrade msysgit you will have to reset the value to point to your directory. The installer overwrites the shortcut.