Kelly Eckhold: Westpac Chief Economist on the number of fixed-rate loans coming up for renewal

Many Kiwis re-fixed their mortgage last year and will be re-fixing their mortgage again this year too.  Four in five borrowers have re-fixed in the past year – a 13-year high.  And more than two-thirds of fixed rate loans are due to come up for renewal this year.  Westpac Chief Economist Kelly Eckhold told Mike Hosking most people have been opting for one-year or 18-month terms, instead of longer periods.  He says those terms have the best interest rates and would have allowed people to benefit from any further OCR cuts.  LISTEN ABOVE See omnystudio.com/listener for privacy information.