Residential mortgage borrower gross income (BGI) (C41)

This data shows the average income, and debt-to-income ratios, of recipients for new mortgage loans.
Released
18 May 2021 03:00 p.m.
Next release
12 August 2021 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Mar 2019 Mar 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021
Average gross income for first home buyer ($k)
TDTI <= 3 132 143 162 157 152 143 156
3 < TDTI <= 4 119 130 139 135 138 138 140
4 < TDTI <= 5 108 115 121 122 125 124 133
5 < TDTI <= 6 101 109 114 112 120 115 120
TDTI > 6 110 103 114 113 109 109 121
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 134 146 151 149 152 157 163
3 < TDTI <= 4 120 135 143 143 142 141 144
4 < TDTI <= 5 123 131 137 136 131 138 144
5 < TDTI <= 6 134 131 141 142 139 144 145
TDTI > 6 139 137 172 171 161 181 181
New commitments to first home buyer ($m)
BGI <= $65,000 68 61 67 71 47 49 69
$65,000 < BGI <= $90,000 176 184 247 244 148 183 231
$90,000 < BGI <= $115,000 269 270 369 398 232 268 392
$115,000 < BGI <= $140,000 209 242 332 344 205 257 367
$140,000 < BGI <= $165,000 107 160 229 218 148 172 247
$165,000 < BGI <= $190,000 74 79 131 145 74 98 155
$190,000 < BGI <= $215,000 28 49 75 84 70 58 103
$215,000 < BGI <= $240,000 28 25 50 51 40 34 65
BGI > $240,000 46 68 115 118 68 75 166
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 142 129 129 136 86 99 152
$65,000 < BGI <= $90,000 314 272 317 317 215 263 349
$90,000 < BGI <= $115,000 414 373 467 467 306 375 547
$115,000 < BGI <= $140,000 386 380 515 509 330 432 598
$140,000 < BGI <= $165,000 334 310 408 427 287 373 544
$165,000 < BGI <= $190,000 204 233 346 322 226 262 425
$190,000 < BGI <= $215,000 156 163 235 251 168 210 292
$215,000 < BGI <= $240,000 121 123 184 179 136 163 203
BGI > $240,000 453 553 841 872 553 772 1,043

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.