Data from the New Zealand Banking Association, released on Monday, shows new home loan values have dropped 18.9 percent in the six months to last December.
Month: May 2023
Banking Association: Value of new home loans down by 19%
“It shows that many people took advantage of interest rates when they were at historic lows. They likely retained their repayments at the same level as before, or increased them, to help repay their loans faster and save on the overall loan cost. It also means that nearly half the people with home loans had… Read more »
New Reserve Bank mortgage figures show homeowners paid close to $4 billion in interest during the March quarter
The NZBA figures showed that there are nearly 1.26 million home loans across 1.09 million customers. The average value of all home loans is $316,019. Of the 45,628 new home loans opened in the last six months of 2022, 26.1% were issued to first home buyers.
Some bright spots for home loan customers in stormy times
The value of new home loans decreased 18.9% in the six months to December 2022, according to data insights released by the New Zealand Banking Association today. This comes as borrowers face steeply rising interest rates and a nationwide drop in property values. “Many households are doing it tough in the face of the rising… Read more »
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