Mortgages

New mortgage lending rises after plunge

After plunging in April, new mortgage lending rose 20.4%, up $1.2 billion to $6.8b in May.

Monday, July 11th 2022

However, compared to May last year, new lending was down 23.6% by $2.1 billion.

Investors borrowed $1.1 billion, an increase of 16.7% from April. First home buyers were lent $1.2 billion, an increase of 18.8%  billion and owner occupiers borrowed $4.4 billion, up 22.3%.

New commitments investors dropped 26.7% from May last year, while new lending to first home buyers dropped by 29.3% and owner occupiers by 20.8%.

The market share to investors declined for the third consecutive month from 17.1% in April to 16.6% in May, while first home buyer’s share dropped from 18.5% in April to 18.2% and bucking the trend, owner-occupiers market share increased 1% from 63.2% to 642%.

The average value of new mortgages was $408,375 in May. This rise continues the trend for higher mortgages, rising 0.5% from April and 24.1% from the same period last year.

Nearly 17,000 new mortgages were taken out in May, an increase of 19.8% from April, but the second-lowest number during May since data collection began.

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SBS FirstHome Combo 6.14
Unity First Home Buyer special 6.55
Co-operative Bank - First Home Special 6.79
Heartland Bank - Online 6.89
Wairarapa Building Society 6.95
Co-operative Bank - Owner Occ 6.99
Kiwibank Special 6.99
Unity 6.99
TSB Special 6.99
ICBC 7.05
China Construction Bank 7.09
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.55
SBS Bank Special 6.69
ICBC 6.69
TSB Special 6.75
Westpac Special 6.75
ASB Bank 6.75
AIA - Go Home Loans 6.75
China Construction Bank 6.75
Kiwibank Special 6.79
Co-operative Bank - Owner Occ 6.79
SBS Bank Special 6.19
ASB Bank 6.39
Westpac Special 6.39
ICBC 6.39
AIA - Go Home Loans 6.39
China Construction Bank 6.40
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
TSB Special 6.59
SBS Bank 6.79
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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