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Switching banks takes a huge chunk of mortgage money
Thursday 30th of January 2025
Nearly a quarter of all mortgages loaned in December went to borrowers switching banks – an increase of 94.8% over a year.
The RBNZ’s latest Lending by Purpose data shows $2.062 billion of the total $8.113 billion lent on new mortgages at the end of last year went to clients who changed providers.
The switching of bank mortgages equated to 25.2% of the total mortgage...
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