According to the BNZ Weekly, home loan affordability in August was the all time low this year.
The fake-start recovery in the housing market and high long term interest rates are not helping the current situation, which is already dire due to virtually no income growth and rising unemployment.
The report shows the amount of income needed to service an 80% mortgage on a median house rose by 2.5 percentage points to 58.7% – its highest level in 2009.
Click here to read the BNZ Home Loan Affordability Report.
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