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.
