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Older Kiwis owe more for second properties than for their own homes, revealing a generational gap on housing debts.
Labour says the new figures, which reveal real estate loans make up 87 per cent of Kiwis’ debts, show many are “mortgaging themselves to the hilt”.
The average loan owed by those aged 25 to 44 years for a house they lived in was $145,000, dropping to $107,000 for those aged between 45 and 64, according to new figures from Statistics New Zealand for 2014/15.
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