Arrears rising at Heritage

Rising arrears on home loans are evident also at Heritage Building Society, the largest in the sector.

The pillar 3 report for Heritage, released yesterday, shows that the level of home loans 90 days or more past due more than doubled, to $3.2 million, over the three months to March 2010.

The level of past due loans at Heritage remains very small, but it echoes the theme emerging elsewhere in the banking sector, and across the economy, that rising interest rates are affecting households and businesses.