Homeowners ‘drowning in debt’

  • Owning your own home may be the Kiwi dream but some North Shore homeowners are “drowning in debt” without hope of being mortgage-free.

New data from credit information website CreditSimple.co.nz showed North Shore homeowners under 55 had an average debt of $542,600: the highest debt in the country.

The information also showed Shore homeowners over 55 still owed an average $381,500. This was the second-highest debt in the country, just behind central Auckland’s older homeowners with an average mortgage of $393,200.

Brian Pethybridge, the manager of North Shore Budget Service, was not surprised by the figures.

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CHRIS SKELTON/FAIRFAX NZ

Some North Shore homeowners are struggling to pay off their mortgages, resorting to interest-only payments, according to budget advisor Brian Pethybridge.