RBNZ data shows $8.5bn in new commitments, with FHB share down on the month but up on the year
New Zealand mortgage lending eased slightly in June, with total new commitments reaching $8.5 billion, down 2.2% from $8.6 billion in May, according to the Reserve Bank's latest mortgage lending data.
On an annual basis, the total value of new commitments was up 2.2% compared with June last year, pointing to a market that is cooling from month to month without losing ground year-on-year.
The Real Estate Institute of New Zealand (REINZ) described the RBNZ figures as consistent with what its own members are seeing on the ground: buyers who remain active but unhurried, taking time to compare properties, weigh up affordability and make considered decisions rather than chasing the market.
Beyond the headline value figure, the volume data tells a similar story of moderation: 22,368 new mortgage commitments were written in June, down 2.1% from 22,845 in May, but 9.4% higher than the 20,437 recorded in June 2025. The average loan size across all purpose types slipped marginally to $377,569, down 0.1% on May, and was 6.6% lower than the June 2025 average of $404,228.
Investors lag as owner-occupiers dominate
Borrower-type trends diverged sharply over the past year. The value of lending to other owner-occupiers rose 5.4% annually, and first-home buyer lending increased 5.3%, while investor lending fell 8.6%. Other owner-occupiers still account for the bulk of new commitments, holding a 60.4% share of value in June, down slightly from 60.6% in May.
First-home buyers' share of new commitments slipped to 19% in June from 19.5% in May, though it remains 0.5 percentage points higher than a year ago. Investors' share rose month-on-month to 19.5%, from 18.6% in May, but that's still well down on the 21.8% share investors held in June last year.
Low-deposit lending steady, regional gaps persist
Separately, RBNZ data showed new lending above an 80% loan-to-value ratio held at 15% in June, suggesting lower-deposit buyers — particularly those with stable income and clear borrowing capacity — are still finding a way into the market.
REINZ also stressed that while the national picture looks steady, regional conditions vary considerably, and local market expertise remains critical for buyers and sellers navigating those differences.
Refinancing activity picks up pace
Loan purpose data pointed to a shift towards refinancing over switching lenders: the share of borrowers changing loan providers climbed to 27.2% of commitment value, up from 25.2% in May, and the average value for a change in provider rose 0.5% month-on-month to $649,668.
Property purchases, by contrast, accounted for 55.9% of value, down from 57.5% in May, with the average purchase loan value falling 1.6% to $604,111. Top-ups made up 11.7% of value, down slightly from 12.3% the month before.
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