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
12 August 2021 03:00 p.m.
Next release
15 November 2021 03:00 p.m.
Source
Reserve Bank of New Zealand
Periodicity
Monthly
Previous years: Monthly:
Jun 2019 Jun 2020 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021
Average gross income for first home buyer ($k)
TDTI <= 3 133 148 143 156 152 170 177
3 < TDTI <= 4 123 125 138 140 142 142 145
4 < TDTI <= 5 109 116 124 133 130 132 129
5 < TDTI <= 6 105 108 115 120 121 121 121
TDTI > 6 110 105 109 121 120 118 115
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 141 137 157 163 156 156 166
3 < TDTI <= 4 127 128 141 144 142 144 149
4 < TDTI <= 5 121 128 138 144 141 143 142
5 < TDTI <= 6 135 126 144 145 142 145 144
TDTI > 6 151 137 181 181 176 183 188
New commitments to first home buyer ($m)
BGI <= $65,000 64 61 49 69 58 59 65
$65,000 < BGI <= $90,000 164 197 183 231 196 217 216
$90,000 < BGI <= $115,000 231 271 268 392 356 367 349
$115,000 < BGI <= $140,000 194 222 257 367 325 399 365
$140,000 < BGI <= $165,000 129 129 172 247 231 275 243
$165,000 < BGI <= $190,000 51 75 98 155 139 158 160
$190,000 < BGI <= $215,000 34 48 58 103 82 98 95
$215,000 < BGI <= $240,000 20 30 34 65 62 55 45
BGI > $240,000 42 60 75 166 139 123 120
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 128 104 99 152 133 128 122
$65,000 < BGI <= $90,000 266 238 263 349 304 331 319
$90,000 < BGI <= $115,000 375 346 375 547 460 502 476
$115,000 < BGI <= $140,000 360 372 432 598 503 582 583
$140,000 < BGI <= $165,000 317 261 373 544 451 523 482
$165,000 < BGI <= $190,000 218 206 262 425 348 377 400
$190,000 < BGI <= $215,000 153 139 210 292 254 300 309
$215,000 < BGI <= $240,000 108 98 163 203 181 222 202
BGI > $240,000 456 401 772 1,043 876 955 942

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.