On 5 December, the Reserve Bank of New Zealand - Te Pūtea Matua will publish new statistics from the monthly New Credit Flows Survey, making more data available to all users on our website.
The New Credit Flows Survey collects data from registered banks on new lending during the month and its associated weighted average interest rates. This means from 5 December, monthly data will be available that reflects the actual interest rates being taken by customers month-to-month on new residential mortgage loans.
This data will add to the wide range of information that is available to support the analysis of the New Zealand financial system and understanding the impact of monetary policy on new lending occurring every month.
The new statistical table will show:
B30 New Weighted Average Interest Rates by residential mortgage (simple average % during month)
- Floating
- 6 months fixed
- 1 year fixed
- 18 months fixed
- 2 years fixed
Data in B30 classifies all new weighted average interest rates by residential mortgage – this is the average interest rate on loans, where each loan’s interest rate is weighted by the size of the loan. We are then using a simple average of the weighted rates. It includes floating rates and fixed terms of 6 months, 1 year, 18 months and 2 years for total lending.
We will also publish detailed explanations of the methodology, technical notes and series descriptions with the published tables. Our New Credit Flows Procedures and Definitions document is already published on our website (New credit flows - Reserve Bank of New Zealand - Te Pūtea Matua).
The data in the B30 tables can be used in conjunction with data from our Retail Interest Rates (RIR) survey tables B20 and B21, which show advertised ‘standard’ and ‘special’ rates. Please note that the RIR data is captured at the month’s end, while New Credit Flows data is based on lending throughout the reporting month. It is important to take this timing difference into account when comparing the series.
We are prioritising publishing the monthly aggregated new weighted average interest rates by residential mortgage for short to mid-term lending rates. These represent by far the highest proportion of residential mortgage loans overall (at 30 September 2024 floating and fixed for 2 years or below represented just over 97 percent of all new lending).In future, we intend to expand the publication to include the new weighted average interest rates for terms greater than 2 years fixed.
Publication date: 5 December 2024
Frequency: Monthly
If you have any queries or comments, or ideas for data that you would find useful, please contact us at [email protected].
Noho ora mai,
Matt Haigh
Director of Data, Statistics and Analytics