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Owner-occupier and investor lending jumps in March

Mortgage lending to property investors, first-time buyers, and other owner occupiers rose in March, according to figures published today by the Reserve Bank.

Friday, April 27th 2018, 5:00PM

by Dan Dunkley

Overall, residential mortgage lending in New Zealand jumped to $5.85bn last month from $4.67bn in February, new data reveals.

The figures were driven by a strong showing from owner-occupiers already on the property ladder, who accounted for $3.4bn of home loans, up from $2.8bn in February.

First time buyers accounted for $911m of new loans, up from $727m in February. The figures marked the highest March numbers in three years. First time buyers received $819m in loans in March 2017, and $753m in March 2016, according to RBNZ statistics.

Investor loans topped $1.3bn in March, dwarfing the $1.03bn made in February. However, the investor numbers are significantly below those seen in previous years. Loans to property investors topped $2.1bn in March 2016, and $1.4bn in March last year.

The uptick in home loans follows a slight relaxation of LVR restrictions in January, which saw the minimum deposit for property investors cut from 40% to 35%. From January, banks were also able to lend more to owner-occupiers with a 20% deposit.

Lending at more than 80% LVR remained subdued in March, accounting for $443m of home loans. This compares to $359m in March 2017, and $517m in March 2016.

Tags: RBNZ

« New CEO for KiwibankMortgage borrowing rise to be “short-lived”: Westpac »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

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