Switching lenders reaches record

RBNZ data shows 28.8% of homeowners holding $9 billion in mortgages switched lenders in July.

That is a record for the central bank’s new residential mortgage lending by purpose data series, beating the previous record of $2.457 billion set in June. 

Over the year to July, the number of new mortgages taken for a change in lender rose by 41.8% and increased 7.6% from June.

Mortgage advisers Kris Pedersen and Campbell Hastie are not surprised at the surge in lender switching.