Balances in these accounts are a source of savings that mortgage holders can draw upon, if they choose, to help sustain their spending in the face of rising interest rates and other cost-of-living pressures. Even though these extra mortgage payments declined a little through 2022 as scheduled mortgage payments rose, borrowers in aggregate were still adding to this stock of savings.
﻿[ 9] The stock of these extra payments is high (relative to incomes) compared with historical experience. Graph 5 shows the quarterly flows into offset and redraw accounts. Over the decade or so prior to the  pandemic, these payments averaged about 2 per cent of households’ disposable income.