Mortgage payments missed, consumer lending up 19%

Queenstown homeowners are the second most indebted after Aucklanders. (Image: Depositphotos))

Tue, 04 Apr 2023

The number of New Zealanders missing their mortgage payments continued to track up during February with 18,900 accounts now registered as past due. Data from credit bureau Centrix shows that 2.04% of all home loan holders are now behind on their monthly payments. That's up 23% on a year prior and reflects seven straight months of climbing mortgage arrears – on the back of hikes in the official cash rate, now at a 14-year high of 4.75% and expected to go to 5% this week.At the same time, new mortgage borrowing fell 42% in February...

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