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.


No comments yet

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

More Stories

Sticky market for investors โ€“ first home buyers in control

Wednesday, May 15th 2024

Sticky market for investors โ€“ first home buyers in control

Large numbers of property investors have not come back into the market despite  the reintroduction of 80% interest deductibility for landlords and the lowering in July of the Brightline test from 10 years to two years, QV says in its latest update.

Low house prices and deposits help first home buyers

Thursday, May 09th 2024

Low house prices and deposits help first home buyers

The increasing number of low deposit mortgages being lent to first home buyers has been borne out by the latest CoreLogic research.

Rate cuts needed to lift mood

Wednesday, April 17th 2024

Rate cuts needed to lift mood

The enthusiasm that followed the change in government, mainly from property investors, has waned as homeowners and buyers hang out for interest rate cuts, says Kiwibank.

Support for regulation

Monday, March 18th 2024

Support for regulation

REINZ has emphasised the need for property management regulation to Parliament’s Social Services and Community Committee.