New figures suggest businesses are yet to feel the worst of the credit crunch.
The Reserve Bank says lending to businesses grew by more than 10% in the past year, compared to a peak of 12.3% growth at the end of last year,
However, households' annual credit growth fell from 11.5% a year ago to 3.1% in February.
Massey University banking lecturer David Tripe says business borrowing will slow further as investment is cut and banks tighten lending criteria.
He says official lending figures show businesses are drawing on loans agreed to months previously rather than loans being agreed to at present.