New Zealand Home Loan Affordability Unchanged In November

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Home loan affordability in New Zealand was unchanged in November after house prices were steady nationally and a slight increase in income was offset by slightly higher interest rates, the latest BNZ home loan affordability measure showed on Friday.

Interest.co.nz, which calculated the measure, said that the proportion of a single median income needed to service an 80% mortgage stood at 61.8% in November. Affordability worsened in Auckland and Northland because of a jump in house prices, while affordability among first-time buyers also worsened.

Affordability remains at its worst levels nationally since November last year and has degraded faster in late-2009 than at any time since the peak of the housing boom in early-2007, Interest.co.nz said.

Home loan affordability in New Zealand was unchanged in November after house prices were steady nationally and a slight increase in income was offset by slightly higher interest rates, the latest BNZ home loan affordability measure showed on Friday. (Market News Provided by RTTNews)