by Jenny Ruth
New Zealanders borrowed an additional $357 million in mortgages in August compared with July, bringing the total owed on housing to $66.34 billion, according to the latest Reserve Bank figures.
They borrowed an additional $3.938 billion in mortgages between August last year and this August. Between August 1999 and this August borrowing rose by $8.146 billion.
Mortgage borrowing in August was 90.8% of
total household indebtedness, down from 91% in August last year
and 91.1% in August 1999. Total household indebtedness in August
was $73.06 billion.
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