New data from National Australia Bank shows customers have been putting extra cash into their loans to be 12 months in advance of their loan repayments.

 

Similar behaviour has been recorded by the Commonwealth Bank where 80% of loan customers are seven months ahead on their loans; 25% of ANZ customers are six months in advance; and 10% of Westpac customers are two years in front.

 

NAB’s general manager of home lending Meg Bonighton said customers were maximising the opportunity to pay down debt while interest rates were low.

 

“It’s a once in a lifetime opportunity to get on top of your home loan and customers are making the most of it,” she said.