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First home buyers back in action

The Reserve Bank’s latest mortgage data shows first home buyers' share of new mortgages in April rose to 24.2% – the highest share on record.

Wednesday, May 31st 2023, 1:34PM

The figures were up 3.6% on March and 6.6% more than in April last year. It was the second month in a row the number of mortgages taken out by first home buyers has been higher than the same month last year.

All up, 1,883 mortgages totaling $1,049 billion were taken out by first home buyers, up 6.6% compared to April last year.  Despite a dip in February and March, there has been a general upward trend in the share for first home buyers in the preceding months, the data show.

While mortgage lending across the board fell during April, it was to a lesser extent with first home buyers.  Their borrowing fell from $1,245 billion in March to $1,049 in March. 

However, the increase in lending to first home buyers resulted in investors' share falling to 16.6%, down from 17.7% in March. The share to other owner occupiers fell sharply to 57.6%, down from 60.3%.

Across all borrowers total mortgages lent were $4.3 billion, down $1.7bn or 28.3% from $6 billion in March and down from $5,664 billion in April last year.  

The value of all new mortgage lending was the second lowest on record for an April, with only April 2020 – during the first Covid-19 lockdown – recording a lower value, since records began in August 2013.

The RBNZ says the monthly drop was largely driven by declines in lending to other owner occupiers, which fell $1.1bn or 31.4% to $2.5 billion, and lending to investors, which fell $349 million or 32.7% to $718 million.

In total 12,084 new mortgages were taken out in April, down 27.5% from 16,657 in March. In comparison to April last year, the number of new mortgage commitments fell 13.3% from 13,939.

High LVR lending rose across all borrower types. The share of lending to first home buyers with a high LVR of 80% rose to 32.1%, up from 31.4% in March.

Similarly, the share of lending to other owner occupiers with high LVR of 80% rose to 3.7%, up from 3%, and the share of lending to investors with high LVR of 60% rose to 35.3%, up from 34.7%.

The average value of new mortgages across the board fell slightly to $358,300, down 1.1% from 362,400 in March. The average value has fallen 11.8% from the peak of $406,300 in April last year.

Tags: first home buyers

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 12 June 2024 4:04pm

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