Residential mortgage borrower gross income (BGI) – C41

Released
13 November 2019 03:00 p.m.
Next release
18 February 2020 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Sep 2017 Sep 2018 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019
Average gross income for first home buyer ($k)
TDTI <= 3 158 145 131 133 136 137 142
3 < TDTI <= 4 128 116 115 123 118 121 120
4 < TDTI <= 5 122 100 111 109 111 110 112
5 < TDTI <= 6 110 102 107 105 105 103 103
TDTI > 6 120 97 102 110 104 102 105
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 132 131 132 141 134 133 136
3 < TDTI <= 4 121 122 127 127 125 126 126
4 < TDTI <= 5 118 118 124 121 124 120 121
5 < TDTI <= 6 124 127 127 135 132 129 134
TDTI > 6 121 132 146 151 140 158 141
New commitments to first home buyer ($m)
BGI <= $65,000 66 73 74 64 69 66 62
$65,000 < BGI <= $90,000 137 177 210 164 179 143 175
$90,000 < BGI <= $115,000 155 205 297 231 274 242 234
$115,000 < BGI <= $140,000 104 159 221 194 227 212 203
$140,000 < BGI <= $165,000 69 89 144 129 129 102 111
$165,000 < BGI <= $190,000 33 37 77 51 65 59 64
$190,000 < BGI <= $215,000 25 23 45 34 38 33 48
$215,000 < BGI <= $240,000 16 17 27 20 24 22 20
BGI > $240,000 58 45 57 42 37 48 56
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 191 150 148 128 137 135 134
$65,000 < BGI <= $90,000 297 285 333 266 296 269 291
$90,000 < BGI <= $115,000 390 383 474 375 412 391 391
$115,000 < BGI <= $140,000 355 356 454 360 405 362 381
$140,000 < BGI <= $165,000 252 270 342 317 330 303 316
$165,000 < BGI <= $190,000 179 175 252 218 239 216 224
$190,000 < BGI <= $215,000 110 137 200 153 153 150 164
$215,000 < BGI <= $240,000 83 106 117 108 114 114 103
BGI > $240,000 322 413 528 456 519 437 444

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.