Other people have simply paid down principal directly. Combined, all forms of mortgage payments – including the additional balances in offset accounts – reached a record high over recent months, despite repayments being deferred on around 8 per cent of housing loans (Graph 9).
Graph 9  Flows into Housing Loan and Offset Accounts* Share of disposable income %  %  14  14  12  12  10  10  8  8  6  6  4  4  2  2  0  2012  2014  2016  Interest  Principal  2018  2020  0  Offset  *  Seasonally adjusted and break-adjusted; lighter bar is an estimate for the September quarter Sources: ABS; APRA; RBA  The question that all this raises is: what are people going to do with this extra saving and improved debt situation?