New residential mortgage lending by loan-to-valuation ratio (LVR) compliance data - C30

Released
24 August 2017 03:00 p.m.
Next release
26 September 2017 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Jul 2015 Jul 2016 Mar 2017 Apr 2017 May 2017 Jun 2017 Jul 2017
Total new commitments ($m)
Total new commitments 6,010 6,305 5,985 4,558 6,036 5,097 4,802
LVR 80% or below 5,518 5,873 5,626 4,295 5,656 4,778 4,477
LVR above 80% 492 431 359 263 379 319 325
Commitments with investment property collateral ($m)
Commitments with investment property collateral .. .. 2,107 1,655 2,164 1,815 1,658
LVR 60% or below .. .. 1,276 964 1,261 1,068 957
LVR above 60% .. .. 831 691 903 747 701
Exempt above 60% LVR .. .. 814 679 893 740 698
Above 60% LVR share before exemptions (%) .. .. 39.4 41.7 41.7 41.2 42.3
Above 60% LVR share after exemptions (%) .. .. 1.3 1.2 0.7 0.7 0.3
Commitments without investment property collateral ($m)
Commitments without investment property collateral .. .. 3,878 2,903 3,872 3,282 3,144
LVR 80% or below .. .. 3,531 2,651 3,504 2,971 2,824
LVR above 80% .. .. 347 251 367 310 320
Exempt above 80% LVR .. .. 123 102 132 107 113
Above 80% LVR share before exemptions (%) .. .. 8.9 8.7 9.5 9.5 10.2
Above 80% LVR share after exemptions (%) .. .. 6.0 5.3 6.3 6.4 6.8
New commitments by region (based on compliance data) ($m)
Auckland commitments with investment property collateral .. .. 1,125 953 1,220 1,006 909
Auckland commitments without investment property collateral .. .. 1,773 1,314 1,755 1,507 1,484
Non-Auckland commitments with investment property collateral .. .. 982 703 944 809 749
Non-Auckland commitments without investment property collateral .. .. 2,105 1,589 2,117 1,775 1,660

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

The table shows data from the monthly loan-to-valuation ratio (LVR) survey that is completed by registered banks in New Zealand.

Registered banks provide data on new residential mortgage lending commitments during a reference month with a breakdown by LVR. Committed lending in the monthly LVR survey are finalised offers to customers to provide mortgage loans or to increase the loan value of an existing mortgage loan, as evidenced by the loan documents provided to the borrower.

Registered banks also report residential mortgage commitments that are exempted when calculating compliance with speed limits when LVR restrictions are in place.

Exempted lending categories include lending made under Housing New Zealand’s Welcome Home Loans scheme, refinancing of an existing high-LVR loan, bridging finance or the ‘porting’ of a high-LVR loan between properties. Starting 1 October 2013, qualifying construction loans became an exempted lending category. Starting 1 November 2015, property remediation loans, loans granted in error and loans that qualify for the combined collateral exemption became exempted lending categories. Note the combined collateral exemption only applies to Auckland property investor lending.

Periodicity

Monthly

Timeliness

Data is published eighteen working days after the end of the reference period.

Access by the public

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Data are collected under Section 93 of The Reserve Bank of New Zealand Act 1989.

The Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data remains confidential.

Provision of information about revisions and advance notice of major changes in methodology

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. This applies to the summary table only and not excel files. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a special note is posted on the website.

Any major changes in methodology will be posted as a special note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

A list of registered banks is available.

Series Name

Series Description

Total new commitments
($ millions)

Total value of monthly committed residential mortgage loans, which are finalised offers to customers to provide mortgage loans or to increase the loan value of an existing mortgage loan, as evidenced by the loan documents provided to the borrower.

LVR 80% or below
($ millions)

Monthly value of committed residential mortgage lending, where the loan-to-valuation ratio is 80% or below.

LVR above  80%
($ millions)

Monthly value of committed residential mortgage lending, where the loan-to-valuation ratio is above 80%.

Commitments with investment property collateral ($ millions)

Commitments with investment property collateral, as per BS19 and BS2A/B (Property-investment residential mortgage loans).  This differs from the “Borrower Type” (Investor) data in tables C31 and C32.  See the C32 Advisory Note for further details. 

LVR 60% or below ($ millions)

Monthly value of committed residential mortgage lending for commitments with investment property collateral where the loan-to-valuation ratio is at or below 60%.

LVR above 60% ($ millions)

Monthly value of committed residential mortgage lending for commitments with investment property collateral where the loan-to-valuation ratio is above 60%.

Exempt above 60% LVR ($ millions)

Monthly value of exempted property-investment lending where the loan-to-valuation ratio is above 60%. Exempted lending categories include refinancing of an existing high-LVR loan, bridging finance, the ‘porting’ of a high-LVR loan between properties,  qualifying construction loans, property remediation loans, loans granted in error and loans that qualify for the combined collateral exemption. The combined collateral exemption allows investors to borrow up to 80% against the value of their owner-occupied property (see BS19 for details).         

Above 60% LVR share before exemptions (%)

The above 60% LVR share before exemptions is the percent of total monthly value of committed residential mortgage lending for commitments with investment property collateral where the loan-to-valuation ratio is above 60%.

Above 60% LVR share after exemptions (%)

The ‘above 60% LVR share after exemptions’ is calculated by subtracting exempt lending (with LVR above 60 percent) from new commitments with LVR above 60 percent then dividing by total new commitments less exempt lending (with LVR above 60 percent).

Though similar, it is not the same as the high LVR “speed limit,” which is based on a rolling average. As of 1 October 2016, banks’ compliance with the “high-LVR” speed limit is measured against the 3-month rolling average for the larger banks (ANZ, ASB, BNZ, Kiwibank and Westpac) and the 6-month rolling average for the smaller banks.

Commitments without investment property collateral ($ millions)

Commitments with investment property collateral, as per BS19 and BS2A/B (non property-investment residential mortgage loans). 

LVR 80% or below ($ millions)

Monthly value of committed residential mortgage lending for commitments without investment property collateral where the loan-to-valuation ratio is at or below 80%.

LVR above 80% ($ millions)

Monthly value of committed residential mortgage lending for commitments without  investment property collateral where the loan-to-valuation ratio is above 80%.

Exempt above 80% LVR ($ millions)

Monthly value of exempted non property-investment lending where the loan-to-valuation ratio is above 80%. Exempted lending categories include lending made under Housing New Zealand’s Welcome Home Loans scheme, refinancing of an existing high-LVR loan, bridging finance,  the ‘porting’ of a high-LVR loan between properties,  qualifying construction loans, property remediation loans and loans granted in error.

Above 80% LVR share before exemptions (%)

The above 80% share before exemptions is the percent of total monthly value of committed residential mortgage lending for commitments without  investment property collateral where the loan-to-valuation ratio is above 80%.

Above 80% LVR share after exemptions (%)

The ‘Above 80% LVR share after exemptions ‘ is calculated by subtracting exempt lending (with LVR above 80 percent) from new commitments with LVR above 80 percent then dividing by total new commitments less exempt lending (with LVR above 80 percent).

Though similar, it is not the same as the high LVR “speed limit,” which is based on a rolling average.  As of 1 October 2016, banks’ compliance with the “high-LVR” speed limit is measured against the 3-month rolling average for the larger banks (ANZ, ASB, BNZ, Kiwibank and Westpac) and the 6-month rolling average for the smaller banks.

Auckland commitments with investment property collateral ($ millions)

Auckland commitments secured by investment property collateral.   This includes any loan that has any Auckland investment property as collateral.

Auckland commitments without investment property collateral ($ millions)

Auckland commitments not secured by investment property collateral.

Non-Auckland commitments with investment property collateral ($ millions)

Non-Auckland commitments secured by investment property collateral. 

Non-Auckland commitments without investment property collateral ($ millions)

Non-Auckland commitments not secured by investment property collateral. 

Today, we have made some changes to the historical table series IDs in Table C30. Some series now have a new series ID. These changes can be identified in the table below.

Series Name  Old Series IDs New Series IDs
B1. Commitments with investment property collateral (B2+B3) LVRNC.MAB4.AAB LVRNC.MPB4.AAB
B2. LVR 60% or below LVRNC.MAB4.GAB LVRNC.MPB4.GAB
B3. LVR above 60%
LVRNC.MAB4.FAB LVRNC.MPB4.FAB
B4. Exempt above 60% LVR LVRNC.MAX3.FAB LVRNC.MPX3.FAB
B5. Above 60% LVR share before exemptions LVRNC.MAB6.FAB LVRNC.MPB6.FAB
B6. Above 60% LVR share after exemptions LVRNC.MAA6.FAB LVRNC.MPA6.FAB
C1. Commitments without investment property collateral (C2+C3) LVRNC.MAB4.AAX LVRNC.MPB4.AAX
C2. LVR 80% or below LVRNC.MAB4.CAX LVRNC.MPB4.CAX
C3. LVR above 80% LVRNC.MAB4.BAX LVRNC.MPB4.BAX
C4. Exempt above 80% LVR LVRNC.MAX3.BAX LVRNC.MPX3.BAX
C5. Above 80% LVR share before exemptions LVRNC.MAB6.BAX LVRNC.MPB6.BAX
C6. Above 80% LVR share after exemptions LVRNC.MAA6.BAX LVRNC.MPA6.BAX
D1. Auckland commitments with investment property collateral LVRNC.MAB4.ABB LVRNC.MPB4.ABB
D2. Auckland commitments without investment property collateral LVRNC.MAB4.ABX LVRNC.MPB4.ABX
D3. Non-Auckland commitments with investment property collateral LVRNC.MAB4.AXB LVRNC.MPB4.AXB
D4. Non-Auckland commitments without investment property collateral LVRNC.MAB4.AXX LVRNC.MPB4.AXX

If you have any questions regarding these changes to the series IDs please contact us by emailing stats-info@rbnz.govt.nz.

24 August 2017


Symbols and conventions for summary table

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
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