31 Aug 2010

Household borrowing on the rise

6:16 am on 31 August 2010

Household borrowing in New Zealand rose in July as demand for housing credit offset a fall in consumer financing.

Figures from the Reserve Bank show total household borrowing rose a seasonally-adjusted 0.2% to $181 billion compared to June.

On an annual basis: total borrowing has risen 2.3% after rising 2.5% in both the previous two months.

Housing-related borrowing rose 2.6% from a year earlier, while consumer borrowing fell 2%.