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It says nearly 46% of customers are ahead on their mortgage repayments, which is a 1.8% improvement on six months ago.
The association adds people behind on their loan repayments dropped from two per cent of all home loans to 1.05%.
This trend was praised by the Bankers’ Association chief executive Roger Beaumont.
“In these challenging times, it’s great to see people using banking products and services to help stay ahead financially,” he said.
He attributed this success to people taking advantage of lower rates of interest to pay loans faster before the recent rises of the last few months kick in on rollover day.
Beaumont's information came from six months of financial figures from January to June which was supplied by the association's 10 main retail member banks.
In this period customers took out 44,681 new home loans, of which 58.2% were issued to first home buyers. Just on 61% of customers had fixed-rate mortgages, 19.1% had variable mortgages and the remainder had a combination of the two.
The average value of all home loans was $304,655, and the average value of home loans for first home buyers was $505,741.
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Fixed rate mortgages must be starting to come off/expire at their past low rates, and the current much higher rates must start biting into household budgets soon. Wait for some squeals to start.