Westpac's Simon Power says people should look at options to pay off their mortgage sooner.
Whanganui home loan customers are taking advantage of low interest rates to pay off their mortgages more quickly.
Westpac says more than 60 per cent of its Whanganui and Manawatū customers are ahead in their repayments - a median of $4754 or seven months of payments.
Simon Power, Westpac NZ's
general manager of consumer banking and wealth, said the bank was keen to support more customers to pay off their loans more quickly, which could save tens of thousands of dollars in interest payments over the lifetime of a mortgage.
"And with many mortgage rates falling in the past two weeks to historic lows, it's a great time for customers to get ahead by holding their repayments at the same level at which they have been paying," Power said.
"If people are able to increase the amount they repay each fortnight or month by $50, $100 or even $200 when they re-fix, it can make a substantial difference to their overall interest savings."
