The Australian Prudential Regulation Authority (APRA) has released its Monthly Authorised Deposit-taking Institution Statistics (MADIS) publication for.
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Mortgage Business
Greater Bank notes trend in early repayments By Annie Kane 25 February 2021
Greater Bank has revealed that 75 per cent of its customers are now more than one month in advance on repayments.
The customer-owned bank has revealed that its customers are paying off more of their home loan than ever before, with figures showing that 75 per cent are now more than one month in advance on repayments.
While the COVID-19 pandemic saw many Australians change their spending habits during 2020 as a result of uncertainty regarding employment and their overall financial future (and amid reduced discretionary spending due to movement restrictions), borrowers have been increasingly utilising their reduced expenditure by paying down their debts.
The RBA will closely watch the Reserve Bank of New Zealand’s move to consider house prices in setting interest rates, but is not likely to follow suit.