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Property debt 87 per cent of total

NZ Newswire logoNZ Newswire 29/09/2016

Property loans accounted for 87 per cent of total individual debt held by New Zealanders in the year to June 2015, Statistics NZ has reported.

The just-released figures also show half of all Kiwis aged over 15 have a debt, the average overall was $79,000 and the average in the 35-44 age group was $109,000.

Labour's housing spokesman, Phil Twyford, says that since National came to office housing debt has increased from $161 billion to $223 billion.

"Hundreds of thousands of Kiwi families are spending an ever-increasing portion of their income to the Aussie banks each week, leaving them with less to live on," he said.

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