Banking Association: Value of new home loans down by 19%

(Image: BusinessDesk)

Mon, 01 May 2023

The value of new home loans decreased by nearly 19% in the second half of last year, figures released by the New Zealand Banking Association show.The average value of new home loans was $338,598, down 18.9% on the previous six months.Over the same period, the Official Cash Rate went from 2.5% to 4.25%, with inflation peaking at 7.2%.The association’s chief executive, Roger Beaumont, said many households were doing it tough given the rising cost of living and rising interest rates.“So, while the Reserve Bank is raising the cost of bo...

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