Credit growth ticks up, floating rate mortgages rise in March
Overall credit growth rose to 0.2% in March in seasonally adjusted terms after running at zero or 0.1% in each of the previous seven months. Mortgage lending in March was up 1.3% on March last year.
“It's a hint of things ticking marginally higher but credit growth is still relatively subdued,” BNZ economist Doug Steel says.
“Our view of what's been happening in the last few months is that the average flatness has masked a lot of churn in the mortgage market,” Steel says.
While there's evidence of more first home buyers entering the market, there's also a lot of debt repayment going on, he says.
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