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Residential mortgage borrower gross income (BGI) (C41)

This data shows the average income, and debt-to-income ratios, of recipients for new mortgage loans.

Previous years: Monthly:
Dec 2022 Dec 2023 Aug 2024 Sep 2024 Oct 2024 Nov 2024 Dec 2024
Average gross income for first home buyer ($k)
TDTI <= 3 178 184 183 171 182 180 180
3 < TDTI <= 4 156 162 152 160 159 153 159
4 < TDTI <= 5 142 143 147 144 142 143 142
5 < TDTI <= 6 131 133 129 132 133 134 128
TDTI > 6 128 125 125 114 119 125 115
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 208 215 213 215 204 202 203
3 < TDTI <= 4 181 192 187 185 183 183 182
4 < TDTI <= 5 187 205 204 186 194 184 180
5 < TDTI <= 6 196 226 239 242 219 205 204
TDTI > 6 249 297 193 283 205 201 218
New commitments to first home buyer ($m)
BGI <= $65,000 16 17 7 7 11 8 12
$65,000 < BGI <= $90,000 84 84 55 78 80 82 95
$90,000 < BGI <= $115,000 177 171 165 160 181 191 237
$115,000 < BGI <= $140,000 266 290 246 254 298 280 304
$140,000 < BGI <= $165,000 204 267 262 301 332 326 320
$165,000 < BGI <= $190,000 129 187 197 219 228 223 210
$190,000 < BGI <= $215,000 80 105 139 138 187 162 161
$215,000 < BGI <= $240,000 48 81 66 85 95 79 90
BGI > $240,000 103 129 127 135 147 143 176
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 34 37 37 32 35 36 31
$65,000 < BGI <= $90,000 107 97 85 101 99 106 104
$90,000 < BGI <= $115,000 181 173 169 178 214 195 205
$115,000 < BGI <= $140,000 276 222 236 254 272 270 299
$140,000 < BGI <= $165,000 287 260 316 279 325 347 387
$165,000 < BGI <= $190,000 249 251 289 317 336 323 354
$190,000 < BGI <= $215,000 198 216 208 257 315 263 323
$215,000 < BGI <= $240,000 158 159 174 202 229 231 279
BGI > $240,000 720 820 971 1,020 1,210 1,155 1,257

Updates to Debt-to-Income publication frequency

13 November 2024

Today we have released the latest Debt-to-Income (DTI) new commitments data covering the period starting August-24 to September-24 in the C40 and C41 tables as scheduled. Moving forward, we will align the publication dates of the DTI tables with the Loan-to-Valuation Ratio (LVR) new commitments tables (C30, C31, C32, and C33). As a result of this alignment, the DTI new commitments data will now be released monthly, starting with the first monthly release of October-24 data on the 27th of November 2024.


Residential mortgage borrower gross income (BGI) special notes

The data: coverage, periodicity and timeliness

Coverage characteristics

The table shows data from the monthly debt-to-income (DTI) 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 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.

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 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 93 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

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 will also post any major changes in methodology as a special note.

Total Debt to Income ratio (TDTI)

Total Debt to Income ratio (that is, 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 disclose 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 DTIs 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 (that is, that qualifies (after any applicable haircuts) based on internal policy). It includes wages and salaries, self-employment income, boarder income, rental income, superannuation and 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 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. 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; for example, 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 had 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

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.