Kiwis spending almost a third of income on mortgages

Kiwis spending almost a third of income on mortgages
Brent Melville
Interest rates are at record lows but New Zealanders are spending almost a third of their average household income to service mortgages, according to Corelogic’s second-quarter housing affordability report.Still, that’s less than the average Australian, who pays 34 percent for their home, and well below the 49 percent of take-home pay Kiwis were paying in 2007 just prior to the global financial crisis.It's also just under the 33 percent share of income Kiwis paid during the first quarter of 2020, making it the lowest average sin...

More Economy

ANZ survey: ‘The worst will soon be past’
Economy

ANZ survey: ‘The worst will soon be past’

ANZ-Roy Morgan's survey shows that consumer confidence bounced back from recessionary lows in July.“It’s still very low but has clawed back about half the March-April fall that coincided with ‘recession’ headlines. The lift was driven by improving expectations rather than the...

Staff reporters 26 Jul 2024
The kiwi dollar is falling prey to the bears
Economy

The kiwi dollar is falling prey to the bears

The only worst performer is the Norwegian krone.

Rebecca Howard 26 Jul 2024
Holidays Act: no vacation for taxpayers
Economy In-depth

Holidays Act: no vacation for taxpayers

Let's pay billions of dollars and get nothing new for it.

Nikitin Sallee 25 Jul 2024
Recession worries? Blame China's economic flu
Economy

Recession worries? Blame China's economic flu

Treasury's chief economic adviser says China's economic woes are being felt in NZ.

Dileepa Fonseka 25 Jul 2024