New figures show a significant pick up in first-home buyer activity
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Overall mortgage lending in New Zealand has registered a significant increase in May.
Gross mortgage lending leaped to $6.592 billion in May, up by 22% from the previous month, according to the latest residential mortgage data from the Reserve Bank of New Zealand (RBNZ).
The figures also suggest a 9% year-on-year increase in mortgage lending for all borrower types. Total lending for first-home buyers sits at $1.116 billion (up 31%), other owner occupier at $3.840 billion (up 5%), investors at $1.564 billion (up 4%) and business purposes at $71 million (up 7%) year-on-year.
Value of committed residential mortgage lending, where the loan-to-valuation ratio is 80% or below was at $6.036 billion, while committed residential mortgage lending, where the loan-to-valuation ratio is above 80% was at $556 million.
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments during April.
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