Victoria, New South Wales and Queensland NAB customers ahead on mortgage repayments
Article by Rebeccah Elley
New figures released by the National Australia Bank show 85% of its home loan accounts are now ahead on mortgage repayments with 32% from Victoria, 31% NSW, 21% Queensland, 9% Western Australia and 7% South Australia.
The stats also highlighted that these home loan accounts are ahead on repayments by an average of 13 months (up from 12 months in 2012) with the majority owner-occupied aged between 40-49-years.
NAB’s lending general manager Antony Cahill said customers were better managing their debt and more regularly checking their finances. Mozo advises the best way to find the most competitive banking deals, is by searching the home loan market on a regular basis.
“Customers are taking advantage of the low rate environment, but also the greater access that technology provides them to keep on top of all their debts with more than a million logons to internet banking every day – 56% of which are through mobile,” Cahill said.
NAB customers are also attacking their credit card debt with a 6% increase in the number of credit card accounts paid in full. See how quickly you can pay off your credit card debt by using Mozo’s credit card debt calculator here.