• Mortgage reduction experts say many homeowners appear to have squandered nearly a decade of low interest rates.

Last week BNZ released a survey indicating 20 per cent of people with mortgages would extend the term of their loan to cope with rising interest rates.

The survey results dismayed Hannah McQueen from EnableMe, and Julian Travaglia from NZ Home Loans, both specialists in “coaching” people to pay off their mortgages faster.

“It’s been a massive lost opportunity, and people will look back and realise how much further ahead they could have been than they are now,” Travaglia said.

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READ MORE:
* One in five homeowners likely to extend mortgage terms to cope with rising rates
* Rob Stock: Lazy mortgage strategies flush your wealth away

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EnableMe co-founder Hannah McQueen says people don’t realise how much power they have to shave years off their mortgages.