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Kiwi's are particularly happy for mortgages because traditionally people have experienced capital gains, which means wealth accumulation.
When I compare the New Zealand housing market to that of Denmark or Scandinavia, I think the average Kiwi is much more aware of housing as a possible asset generator.
Whether or not this then results in mortgage and house speculation will always be debatable. But for sure there is some speculation happening in the market.
Moms and dads, possibly freehold, that has mortgaged their own home as a deposit, to finance the new mortgage for a new home.
Young families that borrow to the max, are vulnerable if interest rates increase.
Thankfully, the reserve bank has said now rates increase until end 2019, which means there is peace in the market.
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