With mortgage rates at record lows, there has never been a better time for Kiwis to be paying off their debts more quickly.

But experts say there is little sign of that happening.

Latest Reserve Bank figures show New Zealand's mortgage debt grew by 6.3 per cent in the year to May, climbing to $265.7 billion.

The growth is lower than it has been - in 2016 mortgage debt rose by about 9 per cent and in 2004, before the global financial crisis, growth was as high as 17 per cent.

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But in the past five years alone, mortgage debt

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Consumer debt