PHOTO: 123RF – A small proportion of homeowners carry a massive portion of banks’ mortgage lending.

Just 8 per cent of households owe 40 per cent of the entire mortgage book of New Zealand banks.

High household debt continues to concern the Reserve Bank, which has released its Financial Stability Report for May.

It left its loan to value (LVR) lending restrictions in place limiting the proportion of new home loans with less than 20 per cent deposits.

But it also reported that much of the country’s record high household debt was concentrated in the 8 per cent of households which own investment properties.

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