Runners can trim mortgage at speed

Last year's winner Stephen Lett.

For many Kiwis, paying off a mortgage is a marathon effort. But on November 1, 10 lucky Auckland Marathon runners will have the chance to run down their rate - their finishing time will be translated to a mortgage rate by ASB Bank.

That means that if last year's winner Stephen Lett was to finish again in 2 hours and 27 minutes, he'd get a two year fixed home loan rate of 2.27 per cent per annum.

The 30-year-old runner, who will race again this year, is pretty keen on the idea.

"It'd be quite nice, wouldn't it?" he said.

Lett hit the headlines last year when his wife Felicity, 36, gave birth to their daughter Ruby, now almost one, on November 2 - the same day he won the marathon.

Rather than sticking around to collect the prize for his first major win, he raced to North Shore Hospital.

He reckons he'd be pretty happy to be one of the chosen 10 to participate in the challenge.

"We've got a home loan through ASB already, and we're about to update our two-year fixed term to 4.69 per cent - but I should run the marathon a bit quicker than that," Lett said.

"It would make a big difference for us. That kind of rate would be a saving grace."

He said their Beach Haven home, which they bought about two years ago, was nice but quite small.

The couple were hoping to have a second child soon, which Lett said would make the house "a little bit cramped."

"We're quite lucky. Buying a house in that area now would be impossible - prices have gone bananas."

The Letts' home cost $372,000, and the couple borrowed $282,000 from the bank, which they're still repaying. Since the birth of their daughter money had been a little bit tighter but now Ms Lett was back working part-time.

Lett said he'd love to win the marathon again.

"My best time is 2h 24m, but it's always a little bit tricky on the day. I hope to get under 2h 30s - so around the same time as last year."

If any of the 10 runners chosen by ASB don't need the reduced rate, they can gift it to a person of their choice.

Those keen to do the challenge can apply at asb.co.nz/rundownyourrate before October 5 and participants will be announced on October 9.

How it works

• ASB Bank will choose 10 marathon runners to 'run down their rate'.

• Their marathon times will then be converted into interest rates.

• If world record holder Dennis Kimetto of Kenya ran his 2014 Berlin Marathon time of 2h 02m 57s, he would be offered an interest rate of 2.02% per annum.

• If New Zealand record holder Rod Dixon's best time was converted into an interest rate, it would be 2.08%.

• The interest rates can be transferred to a person of the runner's choice.

• To enter, go to asb.co.nz/rundownyourrate before October 5.