Fear and loathing; 70% of mortgage holders may not cope with new rates

84% of mortgage holders are on a fixed rate, with 30% on floating and a further 14% on a combination of both. (Image: Bloomberg)

Staff reporters

Fri, 07 Jul 2023

About 3% of New Zealand mortgage holders are fearful they may have to sell a property over the next year, with 51% of mortgages due to roll over into higher rates.The latest banking monitor survey, conducted by research firm Horizon, suggested that's equivalent to 43,000 people with home loans.A further 70% of the estimated 1.34 million people who hold a bank mortgage are concerned they may not be able to afford payments when they renew at current or even higher fixed rates.The Horizon report, which had a sample of 1,091 adult respondents s...

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