$397 Billion: Record Residential Mortgage Debt in New Zealand

New Zealanders' debt on residential mortgages reached a record high of $397.5 billion at the end of June, according to the Reserve Bank figures.

The total value of mortgages increased by 6% compared to the same time last year, with $27.3 billion of new lending in the second quarter of this year.

The interest on residential mortgage debt was $4.8 billion in Q2, down 12% from the same period last year despite rising mortgage interest rates.

Mortgage borrowers made significant extra payments to pay down their mortgages, with a total of $7.3 billion in scheduled payments and another $4.8 billion in additional payments in Q2.