Mortgage approvals at 2009 levels

Friday 18 January 2013

Mortgage approval rates are back at levels not seen for more than three-and-a-half years, Reserve Bank data reveals.

In the week before Christmas, there were more than 8000 home loans approved.

It was the first time that benchmark had been passed since April 2009.

The past four weeks of approval figures have been released by the central bank.

In the week ending December 21, there were 8299 approvals, up almost a quarter on a year-on-year basis.

They were worth $1.347 billion, up 34.9%.

In the most recent week for which data is available, ended January 11,  there were 4971 approvals, worth $738 million.

The Christmas holidays snapped a record-breaking run of 36 consecutive weeks of approvals topping $1 billion.

Comments from our readers

No comments yet

Sign In / Register to add your comment

House Prices

Limited supply biggest market driver

Decline in investor activity has had a limited impact on the booming housing market – yet in Auckland prices are at a record high, new REINZ data shows.

Commercial

Why get into commercial?

Restrictions and pressure on residential property investors keeps growing and many investors are looking for possible solutions: commercial property is one such option.

Mortgages

OCR call sticks to the script

Keeping the OCR on hold was the move expected of the Reserve Bank today, but economists say it means there will be another cut in November.

Site by PHP Developer