PHOTO: RBNZ
Total monthly new mortgage commitments were $6.6b in July – the highest July figure since
the survey began in 2013. This is an increase of $1.2b (22.8%) from June 2020 and up 11.4%
from July 2019.
New mortgage commitments to first home buyers increased from $1.1b in June to $1.3b in
July and other occupiers increased from $3.2b in June to $3.7b in July.
First home buyers accounted for 20.4% of new mortgage commitments, up from 20.3% in
June. Investors accounted for 22.0% of new mortgage commitments, up from 19.4% in June.
The year-on-year increase of 11.4% in new mortgage commitments was driven by the increase
in annual growth outside of Auckland. In Auckland, new mortgage commitments were up
3.9%, while new commitments outside of Auckland rose 17.6%.
The nationwide year-on-year growth in value of new mortgage commitments to first home
buyers was 29.6%, while new commitments to investors was up 31.0%.
Monthly new mortgage commitments with high loan-to-valuation ratio[1] increased since the
restrictions were removed in May 2020, high LVR new mortgage commitments to investor
has more than doubled in July compared with June 2020.
