Residential mortgage borrower gross income (BGI) – C41

Released
13 November 2020 03:00 p.m.
Next release
18 February 2021 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Sep 2018 Sep 2019 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020
Average gross income for first home buyer ($k)
TDTI <= 3 145 142 151 148 143 152 145
3 < TDTI <= 4 116 120 128 125 129 128 126
4 < TDTI <= 5 100 112 117 116 116 119 119
5 < TDTI <= 6 102 103 105 108 110 109 110
TDTI > 6 97 105 108 105 99 105 106
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 131 136 151 137 144 153 148
3 < TDTI <= 4 122 126 132 128 130 134 136
4 < TDTI <= 5 118 121 129 128 127 131 130
5 < TDTI <= 6 127 134 130 126 129 138 134
TDTI > 6 132 141 155 137 151 158 165
New commitments to first home buyer ($m)
BGI <= $65,000 73 62 45 61 74 67 81
$65,000 < BGI <= $90,000 177 175 136 197 223 224 223
$90,000 < BGI <= $115,000 205 234 199 271 347 325 346
$115,000 < BGI <= $140,000 159 203 180 222 272 287 311
$140,000 < BGI <= $165,000 89 111 95 129 180 174 181
$165,000 < BGI <= $190,000 37 64 60 75 108 93 98
$190,000 < BGI <= $215,000 23 48 38 48 49 53 53
$215,000 < BGI <= $240,000 17 20 19 30 33 41 38
BGI > $240,000 45 56 36 60 69 80 77
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 150 134 84 104 129 118 112
$65,000 < BGI <= $90,000 285 291 182 238 258 268 290
$90,000 < BGI <= $115,000 383 391 265 346 385 375 402
$115,000 < BGI <= $140,000 356 381 299 372 408 395 391
$140,000 < BGI <= $165,000 270 316 212 261 319 326 350
$165,000 < BGI <= $190,000 175 224 154 206 219 237 271
$190,000 < BGI <= $215,000 137 164 117 139 173 177 190
$215,000 < BGI <= $240,000 106 103 78 98 112 118 136
BGI > $240,000 413 444 381 401 520 556 578

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.