NZ mortgage debt surges ahead of LVR restrictions

Wednesday 31 August 2016

The RBNZ released its monthly credit aggregates data, which showed that household borrowing hit an annual growth rate of 8.6% in July – 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 grew by 9.0% in the year to July 2016 – also the 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.