Mortgage hardships rise
Mortgage hardships are up 10% according to credit reporting firm Centrix, as the Covid pandemic continues to impact borrowers across New Zealand.
Wednesday, May 12th 2021, 11:53AM
The total number of borrowers in arrears with their lender is 11,900, as financial hardship from the pandemic takes its toll on home owners.
There were 10,800 in arrears last month, according to the credit firm.
While the figure is lower than feared at the height of the pandemic, the data indicate thousands of New Zealanders are struggling with lower incomes.
New Zealand Bankers' Association data reveals 103,000 households are on repayment holidays or reduced mortgage payments as of April 29. About 50,000 have asked to delay payments completely.
While many people are struggling, buyers continue to pile into the housing market at a record pace.
New mortgage lending was up about a quarter, setting a new March record.
According to the agency, the demand for debt is at about 94% of pre-Covid levels.
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