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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.

Special note

Updates to Debt-to-Income data reporting definitions

Read more
Previous years: Monthly:
Dec 2021 Dec 2022 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023
Average gross income for first home buyer ($k)
TDTI <= 3 165 178 178 199 182 185 184
3 < TDTI <= 4 159 156 158 158 161 155 162
4 < TDTI <= 5 141 142 144 146 143 141 143
5 < TDTI <= 6 130 131 131 133 132 134 133
TDTI > 6 117 128 121 133 126 130 125
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 181 208 213 215 203 209 215
3 < TDTI <= 4 163 181 184 196 190 199 192
4 < TDTI <= 5 192 187 186 198 195 186 205
5 < TDTI <= 6 163 196 207 196 211 220 226
TDTI > 6 189 249 240 241 248 284 297
New commitments to first home buyer ($m)
BGI <= $65,000 36 16 18 14 13 19 17
$65,000 < BGI <= $90,000 162 84 91 86 98 114 84
$90,000 < BGI <= $115,000 297 177 199 159 197 194 171
$115,000 < BGI <= $140,000 353 266 311 276 290 349 290
$140,000 < BGI <= $165,000 243 204 294 268 288 340 267
$165,000 < BGI <= $190,000 174 129 153 183 177 201 187
$190,000 < BGI <= $215,000 100 80 101 102 110 125 105
$215,000 < BGI <= $240,000 55 48 71 60 65 85 81
BGI > $240,000 146 103 127 102 127 128 129
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 79 34 32 33 44 47 37
$65,000 < BGI <= $90,000 238 107 102 96 101 122 97
$90,000 < BGI <= $115,000 396 181 187 161 173 204 173
$115,000 < BGI <= $140,000 498 276 285 254 256 296 222
$140,000 < BGI <= $165,000 490 287 335 306 314 342 260
$165,000 < BGI <= $190,000 379 249 281 258 295 318 251
$190,000 < BGI <= $215,000 281 198 240 223 237 245 216
$215,000 < BGI <= $240,000 231 158 167 167 168 211 159
BGI > $240,000 1,008 720 833 765 840 1,014 820

Updates to Debt-to-Income data reporting definitions

16 February 2024

We have been working with banks to ensure data reporting will fully align with the definitions specified in the Debt-to-Income (DTI) framework when it becomes operational. In parallel with the current data collection, we have been testing new reporting templates and definitions with banks. We will switch to the revised definitions in upcoming releases once we have undertaken analysis to understand the magnitude of any material differences.

The publication of Debt-To-Income (DTI) tables C40 and C41 on 16 Feb 2024 includes updated reporting for one bank covering the period Oct 2023 to Dec 2023. This bank changed the basis of their reporting in October, ahead of other banks, as they were unable to test forthcoming definition changes in parallel. Our investigations to date have found no material impact on our published aggregate timeseries. We will continue to investigate and analyse the impact on timeseries using the parallel test data received. We will update future publication plans once the impact of definitional changes can be determined.

For more information on the recent DTI Framework changes.

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

We publish monthly data quarterly.

Timeliness

We publish data 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. 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.