New Reserve Bank figures show significant rise in overall mortgage lending
Overall mortgage borrowing has registered a significant increase in the year ending in March. According to the newest residential mortgage lending data by borrower type from the Reserve Bank of New Zealand, borrowing has increased by 25% from the previous month to $5.8 billion,
However, figures suggest a 2.22% year-on-year drop in overall mortgage lending for majority of borrower types except for first home buyers, which posted an 11% year-on-year increase.
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments during March.
