Mortgage hardships rise

The total number of borrowers in arrears with their lender is 11,900, as financial hardship from the pandemic takes its toll on home owners.

There were 10,800 in arrears last month, according to the credit firm.

While the figure is lower than feared at the height of the pandemic, the data indicate thousands of New Zealanders are struggling with lower incomes.

New Zealand Bankers' Association data reveals 103,000 households are on repayment holidays or reduced mortgage payments as of April 29. About 50,000 have asked to delay payments completely.