by Jenny Ruth
New Zealanders borrowed an additional $374 million in mortgages in December, bringing the total owed on housing to $67.876 billion, according to the latest Reserve Bank figures.
Between December 2000 and December 2001, mortgage borrowing rose by $4.367 billion, or 6.88%. That’s faster than the previous year’s 5.83% growth in mortgage borrowing.
Mortgage borrowing in December was 90.5% of total household indebtedness, down marginally from 90.7% a year earlier and 90.9% in December 1999. Total household indebtedness in December was $75.008 billion.
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