Westpac borrowers mostly managing shift to higher rates

About 88% of the bank's customers have rolled onto higher rates. (Image: Deposit Photos)

Tue, 07 Nov 2023

Westpac New Zealand’s mortgage holders, who collectively owe about $65.8 billion, are mostly managing the shift to higher interest rates, with higher wages largely covering their increased spending. The country’s fourth-largest lender by assets grew its mortgage book 3% in the year to September, slightly slower than the rest of the market and, although credit risks are heightening as more customers move to higher interest rates, most of its borrowers are coping with the increase. Chief executive Catherine McGrath told Busi...

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