Home affordability is at it’s worst since November last year due to the highest interest rates and house prices seen all year.
The BNZ Home Loan Affordability report shows the amount of an average income needed to service an 80% mortgage on a median house rose by 3.2 percentage point to 61.9% this month.
That’s a pretty big deal. That’s a bigger jump in home loan affordability in one month since March 2007, which was at the height of the boom that doubled house prices between 2002 and 2007.
Read the rest of the report here.
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