Aussies are two years ahead on their home loans

Australian households are generally well ahead on their home loan repayments, according the Reserve Bank.

The RBA said Australians were taking advantage of low interest rates to pay down their mortgages more quickly than required. 

The RBA said balances in mortgage offset and redraw facilities has risen to around 15 per cent of outstanding mortgage balances or about two years of scheduled repayments.

Source: Banking Day