A record $2.5 billion in mortgage debt was refinanced in June as over 3,500 borrowers switched banks, the highest monthly amount since the Reserve Bank began tracking in 2017.
While cash incentives of around $5,000 have attracted new customers, many borrowers are also switching due to dissatisfaction with bank services, including staff cuts and offshore outsourcing.
Nearly 14% of mortgages are on floating rates and 39% are fixed but due to expire by the end of 2025, enabling easier refinancing.
Meanwhile, a bill before Parliament aims to limit banks’ liabilities for minor disclosure breaches between 2015 and 2019, amid ongoing legal action against major lenders.
Image credit: Jakub Zerdzicki
Urr Heartland Bank closed its doors on home loans. This would be a major contributor …. we were forced to refinance.
Isn’t heartland bank for reverse mortgages? One way to lose everything you’ve e worked your whole life for…..
Thats why it why is called Heartland Bank to rip the heart out of the country for the benefit of the Bank. Do not even entertain Heartland Bank or give them oxygen. Eradicate them from your mind forever. They are surplus to NZs requirements for anything.