Credit stress easing, new mortgages 28% down

Queenstown mortgage holders are the most likely in the country to be paying interest-only (Image: Getty)

Thu, 01 Jun 2023

After eight months of rising home loan arrears, the number of New Zealanders who are past-due on their mortgage payments held firm at 19,000 for April, at 1.27% of all loans.The data is from the latest report on credit conditions from credit bureau Centrix.Arrears are still up a quarter on the previous April, however, reflecting mounting financial challenges and the escalating official cash rate (OCR), which at 5.5% is now at its highest level since December 2008.Consumer arrears also moderated slightly to 11.3% of the active credit population,...

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