The data for March reveals a sharp upturn in high LVR lending in our biggest city.
According to the figures, $424 million was loaned to Aucklanders at DTI greater than five, while $687 million was borrowed at an LVR greater than six.
In contrast, in March 2020, just $216 million was loaned to Aucklanders at a DTI greater than five, and $275 million at a DTI greater than six.
First home buyers across the country borrowed $549 million at a DTI greater than five in March, compared to $290 million the same month last year.
Auckland first home buyers borrowed $552 million at a DTI greater than five – home buyers are stretching too far to get on the housing ladder.
The RBNZ and Minister of Finance have outlined their desire for DTI tools and to limit mortgage lending, while the Reserve Bank, under instruction from Finance Minister Grant Robertson, is reviewing the risks posed by interest-only lending.
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