A new survey by the Commonwealth Bank has found that half of the lender’s home loan customers are eyeing to get ahead on their mortgages, thanks largely to lower interest rates across Australia.
These customers are hoping to get ahead by keeping their repayments the same as they were before the cut to 2.25% last month, the bank said in its report. Commonwealth Bank surveyed over 1,000 home loan customers.
Of these respondents, almost three quarters were already ahead on their repayments by an average of seven payments.
The report added more than a fifth of those surveyed also plan to use the extra money to help pay off their credit cards and other personal debts.
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