Record January home lending

A total of $4.7 billion was lent for New Zealand home loans in January, a higher figure than any January over the past five years. The RBNZ's data goes back to August 2014. 

The figure dwarfed the $4.05 billion lent in January 2019, and the $3.6 billion lent in January 2018, the data shows. 

The statistics add further weight to the resurgent housing market, boosted at the back end of last year by a U-turn on capital gains tax and record low official cash rate levels.

Aggressive price wars between mortgage providers have added further fuel to the housing market in recent months, with economists predicting house price inflation of up to 7% this year. 

Investor lending, at $951 million, was at its highest level since January 2016, when investors borrowed $1.28 billion. 

First home buyers borrowed $889 million, close to investor levels, last month. The FHB figure was the highest January figure on record, and nearly double FHB lending in January 2015, 2016 and 2017. 

High LVR lending, of more than 80%, reached $508 million last month, also the highest on record. High LVR lending was just $250 million in January 2018, and $428 million in January last year.