Residential mortgage borrower gross income (BGI) – C41

Released
18 May 2020 03:00 p.m.
Next release
12 August 2020 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Mar 2018 Mar 2019 Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020
Average gross income for first home buyer ($k)
TDTI <= 3 128 132 142 146 140 141 143
3 < TDTI <= 4 113 119 126 126 124 125 130
4 < TDTI <= 5 107 108 111 111 115 113 115
5 < TDTI <= 6 106 101 105 106 108 105 109
TDTI > 6 102 110 105 106 103 105 103
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 131 134 136 139 134 140 146
3 < TDTI <= 4 118 120 125 129 124 132 135
4 < TDTI <= 5 113 123 122 128 116 127 131
5 < TDTI <= 6 126 134 130 131 127 130 131
TDTI > 6 142 139 140 142 133 144 137
New commitments to first home buyer ($m)
BGI <= $65,000 78 68 73 71 47 56 61
$65,000 < BGI <= $90,000 179 176 214 215 145 178 184
$90,000 < BGI <= $115,000 230 269 319 291 233 223 270
$115,000 < BGI <= $140,000 167 209 273 258 178 194 242
$140,000 < BGI <= $165,000 93 107 144 149 128 125 160
$165,000 < BGI <= $190,000 52 74 74 90 62 65 79
$190,000 < BGI <= $215,000 42 28 59 55 35 38 49
$215,000 < BGI <= $240,000 22 28 30 25 24 27 25
BGI > $240,000 52 46 65 61 41 39 68
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 188 142 156 129 105 133 129
$65,000 < BGI <= $90,000 346 314 327 311 244 267 272
$90,000 < BGI <= $115,000 462 414 452 427 292 356 373
$115,000 < BGI <= $140,000 399 386 466 428 308 351 380
$140,000 < BGI <= $165,000 318 334 369 359 264 289 310
$165,000 < BGI <= $190,000 215 204 269 241 179 222 233
$190,000 < BGI <= $215,000 155 156 177 190 136 161 163
$215,000 < BGI <= $240,000 127 121 120 137 94 119 123
BGI > $240,000 514 453 558 550 354 513 553

The data: coverage, periodicity, and timeliness

Coverage characteristics

The table shows data from the monthly debt-to-income (DTI) 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 DTI. Committed lending in the monthly DTI 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.

Periodicity

Monthly data published quarterly

Timeliness

Data is published 31 working days after the end of the reference quarter.

Access by the public

Statistics release calendar

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

View the Statistics Release Calendar

Integrity

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

Data is collected under Section 93 of The Reserve Bank of New Zealand Act 1989 (The Act).

Read the Reserve Bank of New Zealand Act 1989.

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

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

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.

Debt to Income Series description

Total Debt to Income ratio (TDTI)

Total Debt to Income ratio (i.e. Total Balance of Borrowers’ Debts (to all lenders) / Total Gross Income).

Total balance of loan values is the sum of all loan values (typically the limit of each loan) that the borrower or borrowing parties discloses they are responsible for servicing out of their income. This includes the loan value of the new commitment, and any pre-existing mortgages, although there are some debts that are typically excluded, such as business and student loans.

Unknown DTI

Borrowers and loans classified as “unknown DTI” are extraordinary cases where the information on borrower debts or borrower gross incomes are incomplete, unverified or not recoverable, and no reasonable proxy exists to estimate the DTI. Proxies must reflect information specific to the individual customer.

Unknown DTI's are included where DTI 'bucket' is not specified.

Borrower Gross Income (BGI)

Borrower gross income is the amount a bank is prepared to count in its servicing analysis (i.e. that qualifies (after any applicable haircuts) based on internal policy). It includes wages and salaries, self-employment income, boarder income, rental income, superannuation & other government benefits and investment income.

Loan to valuation ratio (LVR)

Loan-to-valuation ratio = [loan value / property value] x 100.

New commitments ($ millions)

Value of committed residential mortgage loans during a month, 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. Any offer to purchase a home by the customer, that is to be financed by the loan, is typically unconditional at this stage.

First home buyers

A first home buyer is a borrower intending to purchase or build a property for owner occupation in New Zealand for the first time. In the case of more than one borrowing parties to a loan, borrowers are classified as first home buyers only if none of the borrowing parties have previously drawn down on housing finance for owner occupation. If the borrower, or at least one borrowing party, has previously drawn down on housing finance for owner occupation they are classified as "other owner occupier".

Other owner occupier without investment property collateral

Other owner occupiers are borrowers who own or are in the process of buying or building a house or flat they (or a related party) will live in, are borrowing against properties that meet that definition, are not first home buyers, and are not borrowing against any investment properties. An owner can occupy more than one property, e.g. a family home and a holiday home.

Auckland commitments

This includes any loan that has any Auckland investment property as collateral. It also includes any loan that has an Auckland owner occupied property as collateral, unless that loan has also has investment property as collateral and those investment properties are all outside Auckland.

Borrowers (number)

Number 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. Any offer to purchase a home by the customer, that is to be financed by the loan, is typically unconditional at this stage.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- 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
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.