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Record lending in January: Reserve Bank data shows

Newly-released data from the Reserve Bank shows that mortgage lending surpassed $6 billion in January, the highest ever total for that month.

Wednesday, March 17th 2021, 3:39PM 1 Comment

The statistics have just been released following the Reserve Bank data breach. 

Total mortgage lending hit $6.3 billion, up from $4.7 billion the same month last year. 

It's the highest level of mortgage lending on record in the first month of the year, based on data going back to 2014. 

First home buyer lending rose from $889 million in January 2020 to $1.029 billion. 

Investor lending jumped from $951 million to $1.65 billion, but high LVR lending dropped month-on-month amid a bank clampdown.

High LVR lending to investors, above 70% LVR, hit $469 million, down from $822 million the previous month.

While LVR restrictions were only imposed from March, many banks, including ASB, introduced their own restrictions and DTI rules in early summer. 

Yet high LVR lending to first home buyers also fell.

FHBs borrowed $366 million, down from $640 million in December, and flat on the $358 million lent at high LVR terms to first timers in December 2020.

Due to the RBNZ data hack, February figures will be released next week. 

Tags: Lending mortgages RBNZ Reserve Bank

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Comments from our readers

On 18 March 2021 at 11:40 am Andy the adviser said:
That sounds like a lot of money, but let's look at those figures: That is only an increase of $1.6b. Let's just assume that the average new home loan is $400k (NZ Herald, 20/3/19), that is only 4000 new homes for that month. Considering "an overall estimated net migration gain of 33,200... in the year ended January 2021" (LiveNews.co.nz, 15/3/21), 4000 new home loans is not to be unexpected.
Simple economics shows the formula is simple - increase the population, you NEED to increase housing supply. Without the supply - he with the most to spend (or borrow) will win.

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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 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
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 2.68 2.99 3.29

Last updated: 29 July 2021 9:04am

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