NZ mortgage lending surges
New Zealand mortgage lending grew 7.2 per cent in October from a year ago, which was the fastest annual growth rate since August 2008, according to Reserve Bank credit aggregate figures published on Monday. The annual growth in mortgage lending accelerated from 6.8 per cent in September and ran more than twice as fast as household income growth from salaries and wages.Consumer lending grew at an annual rate of 4.2 per cent, which was down from 4.8 per cent in September. Farm lending grew at an annual rate of nine per cent in October, up from 8.5 per cent in September as loss-making dairy farmers continued to borrow heavily from banks. Business lending growth slowed to an annual rate of 6.1 per cent in October from 6.5 per cent in September.