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Banks eye long-term customers

Monday 24th of September 2012

Reserve Bank figures show 6442 mortgages were approved in the week, worth $1.059 billion.

That’s almost 25% more loans compared to the same time last year, worth almost 40% more.

But housing debt is only up 1.9% in the year to the end of July and up $318 million to the month of July, indicating that a lot of this lending is customers changing banks.

And banks seem to be trying to secure customers for longer terms.

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