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Mortgage lending strong in December

December mortgage lending increased by more than $1 billion year-on-year, according to the latest figures from the Reserve Bank.

Wednesday, January 29th 2020, 3:35PM

At $6.53 billion, total mortgage lending last month was more than $1 billion higher than December 2017 and 2018, according to new RBNZ statistics. A total of $5.3 billion was borrowed in December 2018.

While total lending was down on November's $6.7 billion, the figures underline a resurgent housing market, boosted by record-low interest rates, in the final months of 2019. 

With the exception of November 2019, last month marked the highest mortgage lending figures since May 2018.

Investors continued their strong showing in recent months, borrowing $1.29 billion, up from $949 million in December 2018.

First home buyers also went from strength to strength, borrowing $1.20 billion, up from $924 million in December 2018. Owner-occupiers also borrowed more than in December 2018.

After 75 basis points were cut from the official cash rate last year, the New Zealand housing market enjoyed a period of price inflation in the final quarter of 2019. The government's u-turn on capital gains tax is also said to have boosted the property market.

Meanwhile, lenders appear to be more willing to issue high LVR loans, according to the data. 

High LVR borrowing reached $724 million last month, the highest figure on record, dating back to 2014. First home buyers, borrowing $482 million, took up the bulk of high LVR loans last month.

Tags: interest rates Lending mortgages RBNZ Reserve Bank

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
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 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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