Gross mortgage lending across the residential property market in New Zealand has increased by 20% year-on-year in October to $5.527 billion.
According to the latest figures from the Reserve Bank, there were a total of $5.033 billion in new commitments for loan-to-value ratio (LVR) 80% or below, and $494 million for LVR above 80%.
There were the same numbers of mortgages to business purposes in October as there were in September – both at $61 million. Total mortgage lending to first home buyers was $920 million (up 12%), $3.515 billion (up 22%) to other owner-occupier, and $1.031 (up 2%) to investors.
Additionally, figures also show a recovering Auckland residential market in October, with new mortgage lending that’s going to investors up 28% from September and up 13% year-on-year.
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments in October.