mortgages

PHOTO: More than two thirds of home loan customers were ahead on their monthly mortgage repayments at the end of 2021, Westpac says. Photo: RNZ / Nate McKinnon

More homeowners are choosing to put extra money on their mortgage.

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Westpac NZ data indicates households with mortgages were better positioned than a year ago, as more paid down their mortgages.

Westpac says more than two thirds of home loan customers (68.1 percent) were ahead on monthly mortgage repayments at the end of 2021, compared with 65.9 percent at the end of 2020.

“Building up a savings or mortgage repayment buffer is a good way to help manage disruptions to the economy or changes to your own personal circumstances,” Westpac general manager of consumer banking and wealth Ian Hankins said.

The total average number of months ahead in repayments was 10.5 months, increasing the collective mortgage “buffer” for Westpac NZ customers by $637 million.

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