NZ is poised to exceed half a trillion dollars worth of gross debt as mortgage lending accelerates at its fastest rate since the global financial crisis.

Business editor Liam Dann speaks to NZ Herald Focus about the risks posed by New Zealand's soaring household debt levels.

Kiwis are treating their houses like cash machines, piling on the debt as they watch the value of their properties soar.

COMMENT: NZ's total debt is poised to hit half a trillion dollars as mortgage lending surges to levels not seen since the global financial crisis.

New Zealand's household debt level is one of the highest in the developed world compared to the size of our economy.

Nation of Debt: Westpac Economist Satish Ranchhod discusses household debt as part of our debt series.