Most borrowers are ahead on repayments
Two consecutive rate cuts in recent months have resulted in homeowners pouncing on the opportunity to pay off their mortgages faster.
Commonwealth Bank home loans general manager Clive Van Horen says he's seen an increase in borrowers making the most of the 75-basis-point drop in interest rates.
“An increased proportion of customers are ahead in their repayments,” Van Horen says. “We've previously said that [about] 70 per cent of customers are ahead of their minimum repayments. That figure has increased and it's probably closer to 80 per cent who are ahead of their minimum repayments.”