WELLINGTON (CU)_Since the beginning of the pandemic, New Zealand has reported surge in home sales, with ultra-low interest rates and rental costs encouraging people to secure a home of their own. Accordingly, during the second quarter of this year, the island nation recorded a home loan boom of $8 billion a month, which drove the collective profits of banks to $1.45 billion. This was a noteworthy increase from a year earlier, when the lenders’ combined profits stood at $770million as the country endured a nationwide lockdown, on account of COVID.
However, according to the quarterly report published by KPMG, of the home loans that were taken during the three months to June, just over…
