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Record January home lending

Last month saw the highest January home lending volumes since records began, according to the latest RBNZ data. 

Thursday, February 27th 2020, 4:44PM 1 Comment

A total of $4.7 billion was lent for New Zealand home loans in January, a higher figure than any January over the past five years. The RBNZ's data goes back to August 2014. 

The figure dwarfed the $4.05 billion lent in January 2019, and the $3.6 billion lent in January 2018, the data shows. 

The statistics add further weight to the resurgent housing market, boosted at the back end of last year by a U-turn on capital gains tax and record low official cash rate levels.

Aggressive price wars between mortgage providers have added further fuel to the housing market in recent months, with economists predicting house price inflation of up to 7% this year. 

Investor lending, at $951 million, was at its highest level since January 2016, when investors borrowed $1.28 billion. 

First home buyers borrowed $889 million, close to investor levels, last month. The FHB figure was the highest January figure on record, and nearly double FHB lending in January 2015, 2016 and 2017. 

High LVR lending, of more than 80%, reached $508 million last month, also the highest on record. High LVR lending was just $250 million in January 2018, and $428 million in January last year.

Tags: Lending mortgages RBNZ Reserve Bank

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Comments from our readers

On 2 March 2020 at 9:54 am Chatterbox said:
January record home lending!! How did that happen? In practical terms I personally applied for a home loan in October 2019 and the bank delayed approving until January with reasons that were so irrelevant that it was obvious the agenda was to delay approval until January. Then consider the community is on holiday in Christmas running into January while the suggestion is that January is a record lending month. Do we really think borrowers can arrange and get approval all in January? Even the mortgage departments and lawyers are stil on holiday. Something does not add up !

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

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