Mortgage switch on

WESTPAC says another $8.63 billion worth of mortgages have been switched from interest-only to principal-and-interest the past quarter.

The shift means that $27.3 billion worth of loans has now been moved at Westpac since the Australian Prudential Regulatory Authority unveiled new measures to slow down growth in interest-only lending. Westpac yesterday also said 22 per cent of new home loans in the three months to December were interest-only.