Shaky foundations: More Kiwis missing mortgage payments as demand for credit soars
21 Dec, 2020 04:42 AM
2 minutes to read
Mortgage arrears rose for the second month in a row in November.
Data from the central credit reporting agency Centrix shows there are now 15,000 mortgages in arrears, up 2000 from September.
When the pandemic first struck, concessions were made to allow retail banks to defer mortgage payments for customers in hardship, although interest still accrued on the balance.
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Centrix chief executive Keith McLaughlin said those customers were likely the ones doing it tough. From our perspective, the concern leading into March is what s going to happen to the other 20 per cent deferred mortgages because that s probably the most hard-hit consumers out there that are still on the scheme.
Tough 2021: Early signs of debt stress creeping up
22 Dec, 2020 04:30 AM
4 minutes to read
There are signs that debt stress levels are beginning to creep back up in what could be an early warning of a tough start to 2021. The percentage of young Kiwis who have missed payments on their debt has risen between June and October, figures from credit bureau Centrix show.
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While those on a mortgage deferral are set to face a crunch point in March when the scheme ends at the same time of year when many Kiwis are still trying to get over Christmas and back to school spending.