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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:
Mar 2022 Mar 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024
Average gross income for first home buyer ($k)
TDTI <= 3 182 195 185 184 183 187 182
3 < TDTI <= 4 152 156 155 162 159 158 160
4 < TDTI <= 5 134 144 141 143 143 144 141
5 < TDTI <= 6 127 129 134 133 129 131 138
TDTI > 6 118 121 130 125 122 132 118
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 188 223 209 215 196 217 213
3 < TDTI <= 4 173 184 199 192 187 200 199
4 < TDTI <= 5 169 186 186 205 203 199 198
5 < TDTI <= 6 169 199 220 226 203 241 207
TDTI > 6 191 212 284 297 172 210 231
New commitments to first home buyer ($m)
BGI <= $65,000 31 19 19 17 10 12 18
$65,000 < BGI <= $90,000 124 97 114 84 60 75 80
$90,000 < BGI <= $115,000 230 164 194 171 105 145 176
$115,000 < BGI <= $140,000 267 280 349 290 160 226 274
$140,000 < BGI <= $165,000 196 248 340 267 184 239 294
$165,000 < BGI <= $190,000 130 165 201 187 111 161 187
$190,000 < BGI <= $215,000 87 92 125 105 81 80 116
$215,000 < BGI <= $240,000 58 65 85 81 41 51 80
BGI > $240,000 84 113 128 129 67 117 113
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 69 46 47 37 27 26 38
$65,000 < BGI <= $90,000 192 113 122 97 59 89 94
$90,000 < BGI <= $115,000 360 200 204 173 104 137 164
$115,000 < BGI <= $140,000 445 314 296 222 152 205 259
$140,000 < BGI <= $165,000 439 341 342 260 172 263 308
$165,000 < BGI <= $190,000 343 292 318 251 176 248 251
$190,000 < BGI <= $215,000 281 227 245 216 134 190 230
$215,000 < BGI <= $240,000 214 170 211 159 115 137 209
BGI > $240,000 1,009 899 1,014 820 500 798 954

Updates to Debt-to-Income data reporting definitions

15 May 2024

We have been working with banks to ensure data reporting will fully align with the definitions specified in the updated 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. 

The publication of Debt-To-Income (DTI) tables C40 and C41 on 15 May 2024 includes updated reporting for some banks covering the period Jan 2024 to Mar 2024. These banks changed the basis of their reporting during the Q4 2023 and Q1 2024 period, ahead of other banks, as they were unable to test forthcoming definition changes in parallel. 

All banks are required to submit the data on the updated DTI framework from April 2024. We will update future publication plans once the full impact of definitional changes can be determined.

 

View all Banks: Residential mortgage borrower gross income 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

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.