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Please Sir, Can I borrow more

Credit growth is running at its fastest pace since the Global Financial Crisis.

Wednesday, July 1st 2015, 10:19AM

The latest monthly credit statistics from the Reserve Bank show that borrowing is at its highest level since the GFC in 2008 and 2009. The data shows lending was up 5.4% year-on-year in May.

ASB chief economist Nick Tuffley says housing credit will be the part catching the RBNZ’s eyes the most.  It is clear that, even before the RBNZ cut the OCR in June, past falls in interest rates were already fuelling mortgage borrowing demand.

"We still expect a 25 basis point OCR cut in July, with some risk of further cuts.  But the borrower response to falling interest rates, along with the weaker NZD, may temper the RBNZ’s preparedness to cut too much."

"Mortgage lending had a whopping month in excess of $1.5 billion of net lending growth.  That is the strongest dollar value growth since November 2007.  The temperature remains high in the Auckland housing market, with signs of lifting activity elsewhere.  Declines in mortgage rates are likely to be playing a part in stimulating the added lending growth," Tuffley says. 

Consumer lending growth is also holding up, at around 6% year-on-year.  Seasonally-adjusted monthly household lending growth is the strongest since the end of 2007.

As in recent months, the share of fixing with one-year up to two years’ duration continues to rise, mainly at the expense of floating rates and the two-year up to three-year bucket.  Less than 4% of outstanding mortgages have more than three years until their fixed rate expires.

The Numbers

May Mortgage credit + $1,549 million, +5.4% yoy
May Household credit +0.7% mom, 5.5% yoy
May Business credit 6.1% yoy
May Agriculture credit 6.4% yoy

Tags: ASB Mortgage Rates

« Banks net interest income falls - PwCFalling dairy prices to prompt OCR cuts »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.95 3.29
ANZ 4.44 3.10 3.50 3.84
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.50 2.90 3.24
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.55 2.95 3.29
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.55 2.95 3.25
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 3.15 3.22 3.85
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 ▲2.29 ▲2.69 ▲2.99
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 3.34 3.34 4.14
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 2.49 2.49 3.29
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 ▲2.89 ▲3.29 ▲3.49
SBS Bank Special - ▲2.39 ▲2.79 ▲2.99
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.29 - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.89 3.19
The Co-operative Bank - Standard 4.40 2.99 3.39 3.69
TSB Bank 5.34 3.30 3.69 4.04
TSB Special 4.54 2.50 2.89 3.24
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 3.15 3.49 3.89
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.89 3.29
Median 4.54 2.78 2.99 3.29

Last updated: 2 August 2021 9:09am

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