Model houses sit atop graphs. Photo: Unsplash/ Artful Homes
New Reserve Bank figures show record numbers of people switching banks in December, as mortgage lending statistics hit record highs.
Last month $5.8 billion worth of lending was switched - more than double previous high which was $2.6b recorded in July.
And it wasn't just small mortgages that were changing provider. The Reserve Bank figures show the average size of loan was over $718,000 - and that too is a new record high.
Nor was it so called 'risky' borrowers that switched. Indeed, much of the growth in lending came at lower debt-to-income ratios.
Total gross lending flows hit a new record high of $14.1 billion. Kelvin Davidson is chief economist at Cotality.
