Singapore Household Debt Rises 10 Consecutive Quarters as Mortgage Borrowing Climbs

Data from the Monetary Authority of Singapore and the Department of Statistics showed that household debt reached S$415 billion in Q1 2026, representing an 8.2 per cent year-on-year increase. This marked the fastest pace of growth in five years and the 10th consecutive quarter of rising household liabilities.

Housing loans remained the dominant component, totalling S$296.4 billion and accounting for 71.4 per cent of all household debt. Mortgage borrowing grew 5.8 per cent year on year, reflecting continued demand in the residential property market.

Personal loans saw a sharper increase, rising 14.6 per cent year on year in Q1 2026. This faster pace of borrowing in the unsecured segment drew attention from market observers monitoring consumer credit conditions.

Meanwhile, household net worth grew 6.7 per cent, a deceleration from the 7.3 per cent recorded in the prior quarter. Total household assets expanded 6.8 per cent quarter on quarter, but the slower net worth trajectory suggests that debt accumulation is outpacing gains in asset values for some segments.

Xie Quanzheng of SingCapital noted that gains in property prices are narrowing, which could moderate the pace of mortgage growth going forward. Song Shengwen from SDAX assessed that current debt levels remain controllable, pointing to the strength of household balance sheets relative to liabilities.

Zeng Zhijian of Providend highlighted the significance of 10 consecutive quarters of rising household debt, noting that sustained borrowing trends warrant monitoring even as fundamentals appear stable. Deputy Prime Minister Gan Kim Yong has stated that economic fundamentals remain healthy, providing a supportive backdrop for household finances.