NZers adjustment to higher rates about 80% complete: RBNZ

That's up from about two-thirds the way through in early November when the Reserve Bank published its latest financial stability report, McDonald said.

The banks have been well able to manage the process but RBNZ is watching what's happening in the labour market, he said.

Generally speaking, most home owners don't get into difficulty in paying their mortgages while they're employed.

The RBNZ has raised its official cash rate (OCR) from 0.25% to 5.5% since October 2021 and one-year mortgage rates, the most popular fixed term, have risen from about 2.2% in early 2021 to between about 7.3% and 8% for most borrowers.