30 Jun 2012

Household borrowing up

6:53 am on 30 June 2012

Household borrowing in New Zealand edged higher in May, with consumer and housing loans picking up.

Reserve Bank data shows seasonally adjusted total household borrowing rose 0.2% to $187.1 billion from the month before.

The annual rate of increase in total borrowing was 1.5%, the highest since January 2011, against 1.3% the previous month

Housing-related borrowing grew 1.5% from a year ago, the strongest since February 2011.

Consumer borrowing rose 0.6% on May last year, the third consecutive monthly increase.