New Zealanders borrowed an additional $406 million in mortgages in June, bringing the total owed on housing to $71.03 billion, the latest Reserve Bank figures show.
June’s mortgage borrowing total was 8.1% higher than the $65.7 billion owed on housing in June last year.
That was just below the 8.2% year-on-year increase recorded in May. Until now, the year-on-year percentage increases have been steadily accelerating from the 5.6% increase in April last year from April 2000.
Mortgage borrowing represented 90.8% of total household indebtedness in June which was $78.25 billion, up from $77.76 billion in May and $72.34 billion in June last year.
