The RBNZ released its monthly credit aggregates data, which showed that household borrowing hit an annual growth rate of 8.7% in August – 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 9.2% in the year to August 2016 – also the highest level since May 2008:
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