PHOTO: KIRK HARGREAVES/STUFF – Westpac says two-thirds of its customers have paid more than they have to on their home loans.
New Zealand homeowners have made the most of years of low interest rates, to pay off their home loans more quickly.
Westpac has revealed two-thirds of its home loan customers are now ahead on their mortgages.
Those living at the top of the South Island were the furthest ahead, followed by the main centres.
“We’ve seen some of the lowest interest rates over a sustained period in New Zealand for some time. It’s good to see customers are using this opportunity to pay down debt more quickly,” the bank’s chief product officer, Shane Howell, said.
READ MORE VIA STUFF