Bank lending to New Zealand consumers, businesses and farms grew just 0.2 per cent or $500 million in the month of May (2010).
Compared with May last year the stock of loans was unchanged at $301.1 billion, according to figures from the Reserve Bank earlier this year.
A reduction in borrowing, relative to income, was helping to put the economy’s expansion on a more sustainable footing.
A continuation of that trend was one of the key assumptions the Reserve Bank had made in its June monetary policy statement.
Now would be a great time to compare bank loans.
Bank Loans will be looking to launch feature to compare credit cards shortly.
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