Which regions are paying off their mortgages fastest?

Westpac NZ releases new data on which regions are paying off their mortgages the fastest

Which regions are paying off their mortgages fastest?
Two-thirds of home loan customers are ahead in their mortgage repayments, with customers living at the top of the South Island furthest ahead, data from Westpac NZ has revealed.

In the main centres, Wellington has the highest proportion of customers ahead on their repayments at 69.8%, a median average of $12,224 and 13 months ahead.

This is followed by Canterbury at 68.1%, a median average of $9,025 and 11 months ahead; and Auckland at 67.2%, but with the highest median average of $14,266 ahead.

The three regions at the top of the South Island with the highest proportion of customers ahead on their repayments is Tasman at 71.1%, a median average of $10,942 and 13 months ahead.

Nelson at 70.2%, a median average of $10,942 and 13 months ahead; and Marlborough at 69.4%, a median average of $9,719 and 14 months ahead.

The regions with the lowest proportions of customers ahead on their repayments include Southland at 56.6% and a median average of $2,924 ahead; the West Coast at 55.7% and $3,319 ahead; and Taranaki at 58.5% and a median average of $4,271 ahead.

Westpac said customers with floating mortgages are able to pay down their debt faster by making payments at their discretion, while those on fixed-rate mortgages can arrange to increase their regular payments at the point of refixing, or pay a lump sum at the end of a fixed rate term without break costs to achieve the same outcome.


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