Mortgage borrowing remained strong in May with an additional $600 million borrowed, bringing the total owed on housing to $70.62 billion, the latest Reserve Bank figures show.
May’s mortgage borrowing total was 8.2% higher than the $65.28 billion owed on housing in May last year.
The figures show the year-on-year percentage increases have been steadily accelerating from the 5.6% increase in April last year from April 2000.
The latest increase represents a further acceleration from the 7.9% increase in April compared with April last year.
Total household indebtedness in May was $77.74 billion, up from $77.18 billion in April and $71.88 billion in May last year.
