- Mortgages in arrears in New Zealand rose 23% YoY to 18,900, the highest since March 2020.
- The number of people behind on loan repayments is climbing for the seventh consecutive month.
- New Zealand is bracing for a recession as falling house prices and higher interest rates hurt consumer confidence and damp household spending.
- The central bank is expected to raise its Official Cash Rate to 5% tomorrow.
- ANZ Bank is monitoring customers for signs of financial pressure.
Missed Mortgage Payments Swell in Housing Bellwether New Zealand
Signs of stress are emerging in New Zealand’s housing market, with the number of people behind on loan repayments jumping as soaring interest rates bite.
Ainsley Thomson
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