Mortgage arrears now at highest levels since March 2020

Mortgage arrears now at highest levels since March 2020
Arrears are now higher than before the covid pandemic. (Image: Bloomberg)
Brent Melville
Mortgage arrears rose to 1.32% last month, their highest level since March 2020, while late payments across all consumer loans were at 11.7%, ahead of pre-covid levels for the first time.Credit bureau Centrix said there were 19,500 mortgage accounts in the ‘late payment’ bracket, up more than a third on last June on the back of higher interest rates. Queenstown-Lakes borrowers remained as the most likely to be paying ‘interest only’ at 10.8% of mortgage holders, followed by Aucklanders at 8.25%. Their average o...

More Economy

Smith & Caughey’s to close
Retail

Smith & Caughey’s to close

Auckland’s flagship department store Smith & Caughey’s will close for good within 10 weeks, with the loss of almost 100 jobs.A rescue attempt to save the famous retailer – which saw it close its Newmarket store last year and reduce the floor space of its ‘Grande Dame’ Queen St bu...

NZME 6:30pm
Business inflation expectations heating up
Economy

Business inflation expectations heating up

Inflation expectations are on the rise. 

Napier Port to pay special dividend after $7.5m settlement
Economy

Napier Port to pay special dividend after $7.5m settlement

The Hawke's Bay port had a strong first half, handling 13.9% more containers.

Cold storage behemoth plans massive Canterbury facility
Primary Sector

Cold storage behemoth plans massive Canterbury facility

Lineage had the biggest IPO on the Nasdaq last year.