Reference

NZ Household Debt and Savings

Last updated: May 2026

~165%

Household Debt to Income

Mostly mortgages

Make-up of Debt

Quarterly

RBNZ / Stats NZ Data

New Zealand households carry high debt relative to income by international standards, the bulk of it housing-related. These figures, from the Reserve Bank and Stats NZ, give context for your own position: how your debt-to-income and saving rate compare with the national picture. Figures move over time, so check the source for the latest.

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Household Debt

Measure	Approximate level
Household debt to disposable income	Around 160% to 170% (so debt is well over a year's after-tax income on average)
Share that is housing (mortgage) debt	The large majority; consumer and student debt are much smaller
Debt servicing	Rose sharply as mortgage rates climbed from 2022, easing as the OCR fell through 2025

Source: RBNZ - Household balance sheet. The debt-to-income figure is an approximate national average; individual situations vary widely.

Household Saving

Measure	Detail
Household saving rate	Has been low and at times negative, meaning households spend close to or more than their after-tax income on average
KiwiSaver	A major form of household saving, with most employees enrolled and contributing
Net worth	Dominated by housing equity for most households

The takeaway for your own planning: a debt-to-income ratio near the national average is common but leaves little buffer if rates rise or income drops. Building even a modest emergency fund and a regular saving habit puts you ahead of the average household, which saves little. Use the DTI and net worth tools to see where you sit.

Source: Stats NZ household income and saving statistics, and RBNZ. See also our NZ Interest Rates and Mortgage Lending Rules references.

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