NZ mortgage debt peaking as LVR caps bite

Tuesday, 1 November 2016

The RBNZ released its monthly credit aggregates data, which showed that household borrowing hit an annual growth rate of 8.8% in September – the highest level since May 2008 just prior to the onset of the Global Financial Crisis (GFC):

Most of this growth in debt was driven by mortgages, which leveled-off at 9.2% in the year to September 2016 – the same growth rate as the prior month but still the equal highest level since May 2008:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.