New and existing residential mortgage lending by payment type (C32)
This data tracks new and existing mortgages by payment type, such as interest only or interest and principal loans.
Data files
| Previous years: | Monthly: | ||||||
|---|---|---|---|---|---|---|---|
| Oct 2020 | Oct 2021 | Jun 2022 | Jul 2022 | Aug 2022 | Sep 2022 | Oct 2022 | |
| New lending ($million) | |||||||
| Total | 7,782 | 7,717 | 6,056 | 5,402 | 5,413 | 5,135 | 5,588 |
| Interest only (incl revolving credit) | 2,170 | 1,901 | 1,412 | 1,307 | 1,380 | 1,225 | 1,275 |
| Principal and interest | 5,612 | 5,816 | 4,644 | 4,095 | 4,033 | 3,910 | 4,313 |
| New lending: Share higher than 80% LVR (%) | |||||||
| Total1 | 9.6 | 10.2 | 7.8 | 7.8 | 8.1 | 9.0 | 9.0 |
| Interest only (incl revolving credit)1 | 2.6 | 1.8 | 2.0 | 1.8 | 1.8 | 2.3 | 1.8 |
| Principal and interest1 | 12.3 | 13.0 | 9.5 | 9.7 | 10.3 | 11.1 | 11.1 |
| New lending: Interest only ($million) | |||||||
| Owner occupiers (incl first home buyers)2 | 1,292 | 1,329 | 939 | 895 | 944 | 843 | 840 |
| Investor2 | 852 | 539 | 445 | 392 | 412 | 367 | 402 |
| New lending: Share of interest only higher than 80% LVR (%) | |||||||
| Owner occupiers (incl first home buyers)1 | 4.3 | 2.5 | 2.9 | 2.5 | 2.4 | 3.0 | 2.6 |
| Investors1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.8 | 0.3 |
| Existing lending ($million) | |||||||
| Total | - | - | 334,807 | - | - | 337,395 | - |
| Interest only (incl revolving credit) | - | - | 60,458 | - | - | 59,395 | - |
| Principal and interest | - | - | 274,349 | - | - | 278,000 | - |
| Existing lending: Share higher than 80% LVR | |||||||
| Total1 | - | - | 6.3 | - | - | 6.3 | - |
| Interest only (incl revolving credit)1 | - | - | 4.7 | - | - | 4.6 | - |
| Principal and interest1 | - | - | 6.7 | - | - | 6.7 | - |
The data: coverage, periodicity, and timeliness
Coverage characteristics
The table presents statistics on new and existing residential mortgage lending by payment type - interest only, and principal and interest loans.
Interest only loans are defined as having no scheduled repayments. This includes loans where borrowers independently choose to repay principal such as revolving credit loans that have a fixed limit. Principal and interest loans are defined as having scheduled repayments. This includes revolving credit loans that have a scheduled reducing limit.
The new residential mortgage lending by payment type is sourced from the monthly loan-to-valuation ratio (LVR) survey and LVR positions quarterly survey that are completed by registered banks in New Zealand.
The table presents data starting with the July 2015 reference period.
See C30 and C31 for more information on new residential mortgage lending by loan-to-valuation ratio and C35 for quarterly residential mortgage loan reconciliation data.
New residential mortgage lending by loan-to-valuation ratio (LVR) (C30)
New residential mortgage lending by borrower type (C31)
Residential mortgage loan reconciliation (C35)
Periodicity
Monthly for new lending
Quarterly for existing lending
Timeliness
Data is published 18 working days after the end of the reference period.
Access by the public
Statistics release calendar
The Statistics Release Calendar provides a long-term 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 36 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
Provisional data are italicised. Data are deemed provisional when a series is under review. 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.
Quality
Dissemination of documentation on methodology and sources used in preparing statistics
View our list of registered banksTotal new lending ($million)
Total value 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.
Total interest only, including revolving credit ($million)
A payment type that has no scheduled repayments. This includes where borrowers independently choose to repay the principal, such as revolving credit loans that have a fixed limit.
Total principal and interest ($million)
A payment type that has scheduled repayments. This includes revolving credit loans that have a scheduled reducing limit.
New lending: share higher than 80% LVR (%), total
The percentage (%) of the total new lending where the residential mortgage lending’s LVR is greater than 80%.
New lending: share higher than 80% LVR (%), interest only
The percentage (%) of the total interest only (including revolving credit) lending where the residential mortgage lending’s LVR is greater than 80%.
New lending: share higher than 80% LVR (%), principal and interest
The percentage (%) of the total principal and interest new lending where the residential mortgage lending LVR is greater than 80%.
Owner occupiers (including first home buyers)
Owner occupiers include first home buyers and other owner occupiers. A first home buyer is a borrower entering the home ownership market in New Zealand for the first time. In the case of more than one borrowing party 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. Other owner-occupiers are borrowers (other than first home buyers) who own or are in the process of buying or building the house or flat they will live in. An owner can occupy more than one property; for example, a family home and a holiday home.
Investor
Investors are entities or persons borrowing for the purpose of building or purchasing residential property to rent. The borrower is securing the loan on a non-owner occupied property; that is, the borrower does not intend to live in the property for which they are seeking finance.
Business purposes
Lending made to borrowers in the form of a residential mortgage loan but are intended for business purposes.
New lending: share of interest only higher than 80% LVR (%), owner occupiers (including first home buyers)
The percentage (%) of the interest only borrowed by owner occupiers (including first home buyers and other owner occupiers), where the LVR is greater than 80%.
New lending: share of interest only higher than 80% LVR (%), investors
The percentage (%) of the interest only borrowed by investor, where the LVR is greater than 80%.
Total existing lending ($million)
Closing value of on balance sheet residential mortgage loans at the end of the quarter.
Existing lending ($million), total interest only (including revolving credit)
Closing value of the interest only (including revolving credit) lending at the end of the quarter.
Existing lending, total principal and interest
Closing value of the principal and interest at the end of the quarter.
Existing lending: share higher than 80% LVR (%), total
The percentage (%) of the closing value of the mortgage lending at the end of the quarter where the residential mortgage lending’s LVR is greater than 80%.
Existing lending: share higher than 80% LVR (%), interest only (including revolving credit)
The percentage (%) of the closing value of the interest only lending at the end of the quarter where the residential mortgage lending’s LVR is greater than 80%.
Existing lending: share higher than 80% LVR (%), principal and interest
The percentage (%) of the closing value of the principal and interest lending at the end of the quarter where the residential mortgage lending’s LVR is greater than 80%.
Symbols and conventions for summary table
| Symbol or convention | Definition |
|---|---|
| 0 | Zero or value rounded to zero |
| - | Not applicable |
| .. | Not available |
| bold | Revised/new |
| italics | Provisional |
| Light grey 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.
Related statistics
View other data in the Monetary and lending series.