Nick Goodall

It's just about what they're running down and then what that rate might have been or

You know, certainly the fact that most people are adjusting onto lower rates and we've got so many people, of course, like 30 odd percent within six months.

This is not that.

This is literally the term people are choosing.

And there was quite a big turnaround wasn't there, which, again, is probably not surprising given the tone of things towards the end of last year.

And of course, we had the Reserve Bank decision at the end of November, which will have influenced people's decisions in December.

So, yeah, do you want to take us back to that time, the mentality we were in, and then tell us about the results of the actual lending data as well, Calvin?

Yeah, like you say, maybe a bit of a unique month in terms of the scale, but I think the trend is quite clear in terms of that turnaround.

Whether it exactly continues on that trend month on month, the future is another thing to be seen.

But I think, yeah, you're right.

It's a clear change in mentality.

Again, not a surprise.

Like you say, you've got to think back to that time, the timing of the decision, the fact the guidance was, look, this is probably the last cut.

I think that was really clear last time around.

It was given that we would expect it would stay lower for longer.

And so, you know, you could have been forgiven for just taking a year, I say, and just go, yeah, in a year's time, they're not going to change that much.

But yeah, definitely that switch to the longer one shows that people were even thinking further ahead than that.

I had to look at the two and three year data as well, because yes, while that massive change to the one year plus was interesting, it was the two and three year that jumped out to me.

You know, the fact that November, 10% of people took two years.

In December, it went to 22%, so a massive jump there.