Although starting from a low base, non-performing housing loans have risen 45.5% since the start of this year. They have risen by $131 million to reach $1.236 billion. 

At the end of last month the total outstanding stock of bank mortgages was just over $343 billion.

The RBNZ data show the non-performing loans make up 0.4% of the total bank mortgage stock - but that's up from 0.3% in April and up from 0.2% at November last year.

Detailed loan information from last month’s figures show loans that have officially been described as 'impaired' rose $13 million - nearly 10% - to $148 million. Impaired loans are up some 56% so far this year.

During the pandemic – in August 2020 – the impaired loans figure reached $149 million.

Mortgages that are 90 days past due but not impaired rose by $117 million (12%) last month to $1.087 billion. That figure is up 44% since December last year.

The pandemic peak for 90 days past due mortgages was $1.044 billion in July 2020.

At the beginning of last month the RBNZ said in its six monthly Financial Stability Report that for a household with a mortgage, the share of disposable income required to service the interest component of their mortgage debt will more than double from its recent low of 9% to around 22% by the end of this year.

This would, however, be distributed highly unevenly, with some borrowers, such as those who fixed at the low of mortgage rates in mid-2021, seeing far greater rises in their debt servicing costs than others.