Moreover, the growth of household consumption has been sustained; indeed it picked up a touch in year ended-terms over 2017. Given the large number of borrowers switching to P&I loans, it’s not surprising that scheduled housing loan repayments have increased over the past year (Graph 3). Meanwhile, unscheduled payments have declined.
With total payments little changed, the rise in scheduled payments has had no obvious implications for household consumption. 4 / 13  BIS central bankers' speeches  The next few years So, many interest-only borrowers appear to have responded voluntarily to the pricing incentives and switched to P&I loans.