New Zealand has seen a significant increase in overall residential mortgage borrowing in July.
Gross new residential mortgage lending volume was $5.52 billion in July, 4% higher than the previous month, according to the latest mortgage data from the Reserve Bank of New Zealand (RBNZ).
The figures show a total of $5.03 billion in new commitments for loan-to-valuation ratio (LVR) 80% or below, and $483 million worth of new commitments for LVR above 80%.
RBNZ data also show a year-on-year increase in overall mortgage lending for the majority of borrower types, except for other borrowers for business purposes (down 4%). Total lending for first-home buyers sits at $910 million (up 30%), other owner-occupier at $3.227 billion (up 8%), and investors at $1.238 billion (up 25%).
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments in July.