Overall mortgage borrowing has dropped sharply for the year ended in June.
Gross new residential mortgage lending volume was $5.31 billion in June, 20% lower than the previous month, according to the latest mortgage data from the Reserve Bank of New Zealand (RBNZ).
The figures show a total of $4.90 billion in new commitments for loan-to-valuation ratio (LVR) 80% or below, and $406 million worth of new commitments for LVR above 80%.
RBNZ data also show a year-on-year drop in overall mortgage lending for majority of borrower types, except for other owner-occupiers (up 3%). Total lending for first-home buyers sits at $803 million (down 28%), other owner-occupier at $3.186 billion (down 17%), investors at $1.257 billion (down 20%) and business purposes at $58 million (down 18% month-on-month).
The new figures were collected from data provided by registered banks on new residential mortgage lending commitments in June.
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