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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