by Jenny Ruth
New Zealanders borrowed an additional $422 million in mortgages in January, bringing the total owed on housing to $68.298 billion, according to the latest Reserve Bank figures.
Between January 2001 and January 2002, mortgage borrowing rose by $4.5 billion, or 7. 07%. That’s faster than the previous year’s 5.69% growth in mortgage borrowing.
Mortgage borrowing in January was 90.6%
of total household indebtedness, down marginally from 90.7% a
year earlier and 90.9% in January 2000. Total household indebtedness
in January was $75.37 billion.
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