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Household financial stress likely to grow: RBNZ

Wednesday 1st of November 2023

It expects the effective mortgage rate, the average rate paid across all mortgages, will reach 6.4% by mid-2024, up from the low at 2.9% in late 2021, RBNZ says in its latest financial stability report.

“The average share of their disposable income going to interest payments is expected to rise from a low of 9% in 2021 to around 18% by the middle of 2024,” it says.

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