First-home buyer group is still on the rise
Overall mortgage borrowing has dropped sharply for the year ended in April.
Overall mortgage lending was $5.38 billion in April, 8% lower than the previous month and down 17% from the same time last year, according to the latest mortgage data from the Reserve Bank of New Zealand (RBNZ).
The figures also show an 8% year-on-year drop in overall mortgage lending for majority of borrower types except for first-home buyers that posted a 14% year-on-year increase to $275 million.
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments during April.
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