Saturday , June 19 2021

Kiwis repaid loans faster: Westpac

Kiwi homeowners pay a faster mortgage rate, taking advantage of the extended period of record low interest rates, according to new figures from Westpac.

Thursday, November 22, 2018, 14:26

The bank says two-thirds of its customers are ahead of their mortgage payments, an average average of $ 8,653, according to the bank. Westpac says customers have used reduced prices to pay off as much as possible their home loans.

This trend appears to be more pronounced in the regions of Nelson, Tasman and Malburo on the southern island, which is 20 and 15 months before. Oakland also progress about 9 months or an average of $ 14,400.

Figures show that customers are taking steps to decode before the OCR starts to climb. Recent guidance from the Reserve Bank indicates an increase in OCR in the last months of 2020.

Simon Sipper, Consumer Bank Westpac NZ, said customers can save on their interest payments by increasing every two weeks: "If people are able to increase the amount they return every two weeks or a month of 50, 100 or even 200 dollars, it can make a significant difference to their total savings of interest. "

The low environmental footprint for homeowners has become even better in recent weeks, as many large banks have reduced rates of one year to less than 4%, levels that are not seen in generations. BNZ and ANZ led the way over the weekend with significant cuts.

Comes as the main market in the spring, and the market assumes whether the Back-up Bank will loosen LVR's limitations in its latest Financial Stability Report next Wednesday.

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