Mortgage borrowing surged in November
New Zealanders borrowed an additional $548 million in mortgages in November, bringing the total owed on housing to $67.502 billion, according to the latest Reserve Bank figures.
Thursday, December 27th 2001, 7:57PM
by Jenny Ruth
That’s the most borrowed in any month this year by a wide margin and confirms other indicators showing the housing market enjoyed a very strong November. The previous highest monthly amount borrowed in mortgages was March with $443 million.
Between November last year and this November, mortgage borrowing rose by $4.263 billion, or 6.74%. That’s faster than the previous year’s 6.19% growth in mortgage borrowing.
Mortgage borrowing in November was 90.7%
of total household indebtedness, down marginally from 90.8% a
year earlier and 91% in November 1999. Total household indebtedness
in November was $74.442 billion.
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