Massey University banking specialist David Tripe says few lenders in Canterbury are in a position to take up an offer from banks to waive mortgage penalties because of the earthquake on 4 September.
An agreement has been reached between the Government and banks on how earthquake claims for seriously damaged mortgaged houses will be handled. It ensures lenders are protected from bank fees because of Earthquake Commission payments.
People on fixed mortgages usually have to pay a penalty if they repay their mortgage early, when interest rates generally are falling.
The Government says the arrangement means those costs will be absorbed by banks and not borrowers who decide to pay off their home mortgage with Earthquake Commission insurance payments.
Mr Tripe says the number of loans with long fixed periods still to run is relatively few.