NZ mortgage arrears leap in July 16 October 2007 4:21PM Databank, Home loan arrears are rising quickly in New Zealand as the impact of successive rises in official cash rates, and the refinancing of fixed rate mortgages at higher rates, affects household budgets.Standard & Poor's yesterday said arrears of 30 days or more on loans underlying New Zealand residential mortgage-backed securities increased to 2.08 per cent in July from 1.86 in June.S&P said arrears on full doc loans rose to 1.64 per cent in July from 1.40 in June. Arrears on low doc loans rose to 4.24 per cent from 4.17 per cent in June.