Residential mortgage borrower gross income (BGI) – C41

Released
31 March 2021 03:00 p.m.
Next release
18 May 2021 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Dec 2018 Dec 2019 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020
Average gross income for first home buyer ($k)
TDTI <= 3 134 146 152 145 150 162 157
3 < TDTI <= 4 117 126 128 126 136 139 135
4 < TDTI <= 5 108 111 119 119 123 121 122
5 < TDTI <= 6 103 106 109 110 113 114 112
TDTI > 6 103 106 105 106 114 114 113
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 134 139 153 150 157 151 149
3 < TDTI <= 4 123 129 134 137 139 143 143
4 < TDTI <= 5 124 128 131 132 133 137 136
5 < TDTI <= 6 130 131 138 135 139 141 142
TDTI > 6 141 142 158 171 167 172 171
New commitments to first home buyer ($m)
BGI <= $65,000 69 71 67 81 73 67 71
$65,000 < BGI <= $90,000 174 215 224 223 208 247 244
$90,000 < BGI <= $115,000 227 291 325 346 321 369 398
$115,000 < BGI <= $140,000 198 258 287 311 291 332 344
$140,000 < BGI <= $165,000 105 149 174 181 194 229 218
$165,000 < BGI <= $190,000 64 90 93 98 109 131 145
$190,000 < BGI <= $215,000 30 55 53 53 70 75 84
$215,000 < BGI <= $240,000 19 25 41 38 45 50 51
BGI > $240,000 41 61 80 77 94 115 118
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 132 129 118 108 125 129 136
$65,000 < BGI <= $90,000 282 311 268 281 283 317 317
$90,000 < BGI <= $115,000 397 427 375 400 437 467 467
$115,000 < BGI <= $140,000 394 428 395 390 421 515 509
$140,000 < BGI <= $165,000 298 359 326 353 375 408 427
$165,000 < BGI <= $190,000 240 241 237 271 259 346 322
$190,000 < BGI <= $215,000 157 190 177 196 191 235 251
$215,000 < BGI <= $240,000 107 137 118 139 147 184 179
BGI > $240,000 436 550 556 602 681 841 872

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.