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New residential mortgage lending by loan-to-valuation ratio (LVR) (C30)

This data tracks the loan-to valuation (LVR) ratios of new mortgages granted each month.

Previous years: Monthly:
Aug 2020 Aug 2021 Apr 2022 May 2022 Jun 2022 Jul 2022 Aug 2022
Total new commitments ($m)
Total new commitments 6,785 8,170 5,664 6,818 6,056 5,402 5,413
LVR above 80% 757 761 414 584 470 421 439
LVR above 70% 3,452 3,158 2,119 2,682 2,330 2,123 2,198
LVR above 60% 4,893 4,872 3,207 4,033 3,517 3,254 3,233
Commitments with investment property collateral ($m)
Total commitments with investment property collateral 2,733 2,735 2,016 2,331 2,148 1,838 1,849
LVR above 80% 14 7 12 16 12 13 6
LVR above 70% 952 330 262 337 292 298 304
LVR above 60% 1,798 1,094 770 973 860 812 767
Exemptions for commitments with investment property collateral ($m)
Exemptions for commitments with investment property collateral1 - 1,208 870 1,127 993 895 856
LVR above 80%1 - 5 11 12 10 11 4
LVR above 70%1 - 324 252 330 285 291 299
LVR above 60%1 - 1,084 759 965 849 803 759
Commitments without investment property collateral ($m)
Total commitments without investment property collateral 4,052 5,435 3,648 4,487 3,908 3,563 3,564
LVR above 80% 742 754 402 568 458 408 433
LVR above 70% 2,500 2,828 1,857 2,345 2,039 1,824 1,895
LVR above 60% 3,094 3,778 2,438 3,060 2,657 2,442 2,466
Exemptions for commitments without investment property collateral ($m)
Exemptions for commitments without investment property collateral1 - 484 474 579 536 477 503
LVR above 80%1 - 185 191 240 237 240 299
LVR above 70%1 - 287 276 342 318 325 360
LVR above 60%1 - 353 339 417 375 395 404
New commitments by region ($m)
Auckland commitments with investment property collateral 1,211 1,281 940 1,014 1,017 803 802
Auckland commitments without investment property collateral 1,732 2,466 1,633 2,051 1,829 1,541 1,541
Non-Auckland commitments with investment property collateral 1,521 1,454 1,076 1,317 1,131 1,035 1,047
Non-Auckland commitments without investment property collateral 2,321 2,969 2,015 2,435 2,079 2,022 2,023
[1] Exemption amounts may not be fully reported by banks in LVR bands below the current LVR restrictions, and have been removed during the period when the LVR policy did not apply (1 May 2020 - 28 February 2021).

The data: coverage, periodicity, and timeliness

Coverage characteristics

The table shows data from the monthly loan-to-valuation ratio (LVR) survey that registered banks in New Zealand complete.

Registered banks provide data on new residential mortgage lending commitments during a reference month with a breakdown by LVR. Committed lending in the monthly LVR 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.

Registered banks also report residential mortgage commitments that are exempted when calculating compliance with speed limits when LVR restrictions are in place.

Exempted lending categories include:

  • lending made under Housing New Zealand’s Welcome Home Loans scheme
  • refinancing of an existing high-LVR loan
  • bridging finance
  • ‘porting’ a high-LVR loan between properties.

Starting 1 October 2013, qualifying construction loans became an exempted lending category. Starting 1 November 2015, property remediation loans, loans granted in error and loans that qualify for the combined collateral exemption became exempted lending categories. Note that the combined collateral exemption only applies to Auckland property investor lending.

Periodicity

Monthly.

Timeliness

We publish data 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. We update and release it 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

We collect data under Section 36 of the Reserve Bank of New Zealand Act 1989 (the Act).

Read the Reserve Bank of New Zealand Act 1989

We only publish 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. We generally publish revisions when we update and release the next table. Should we need to make revisions more promptly, we will post a special note on the website. We also post any major changes in methodology as a special note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

View our list of registered banks

Total new commitments ($ millions)

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.

Commitments with investment property collateral ($ millions)

Commitments with investment property collateral, as per BS19 and BPR131 (Property-investment residential mortgage loans). This differs from the “Borrower Type” (Investor) data in tables C31 and C32

See the C32 Advisory Note for further details

Commitments without investment property collateral ($ millions)

Commitments without investment property collateral, as per BS19 and BPR131 (non property-investment residential mortgage loans).

Exemptions on residential property loans ($ millions)

Exemptions are defined as borrowing to build a new home, for non-routine repair work (e.g. fixing leaky homes) on existing properties, bridging finance, refinancing of existing loans, shifting loans from one property to another (provided the total value of the loan does not increase) and loans made under the Housing New Zealand Mortgage insurance scheme (including Welcome Home Loans).

New commitments by region ($ millions)

New commitments for Auckland and non-Auckland region. Where “Auckland” is defined as the area within the boundaries of Auckland as prescribed by the Local Government (Auckland Boundaries) Determination 2010 (as amended or replaced from time to time).

Auckland commitments with investment property collateral is defined as an investment property residential mortgage loan that is secured against at least one Auckland investment property.

Loan-to-valuation ratio restrictions

Limits on high loan-to-valuation ratio (LVR) residential mortgage lending were in place from October 2013 to April 2020. The restrictions have been revised over time and were removed in response to the economic impact of the COVID-19 pandemic. These restrictions were reinstated in March 2021.

View the Loan-to-valuation ratio restrictions

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.