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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 2020 Dec 2021 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022
Average gross income for first home buyer ($k)
TDTI <= 3 157 165 170 188 181 182 178
3 < TDTI <= 4 135 159 151 157 162 158 156
4 < TDTI <= 5 122 141 136 137 141 141 142
5 < TDTI <= 6 112 130 136 136 128 136 131
TDTI > 6 113 117 129 133 142 128 128
Average gross income for other owner occupier without investment property collateral ($k)
TDTI <= 3 149 181 191 189 189 210 208
3 < TDTI <= 4 143 163 175 179 179 183 181
4 < TDTI <= 5 136 192 164 175 180 180 187
5 < TDTI <= 6 142 163 177 206 193 189 196
TDTI > 6 171 189 224 224 264 231 249
New commitments to first home buyer ($m)
BGI <= $65,000 71 36 17 13 13 14 16
$65,000 < BGI <= $90,000 244 162 75 65 93 91 84
$90,000 < BGI <= $115,000 398 297 182 153 161 194 177
$115,000 < BGI <= $140,000 344 353 303 268 301 321 266
$140,000 < BGI <= $165,000 218 243 216 197 246 283 204
$165,000 < BGI <= $190,000 145 174 126 145 148 177 129
$190,000 < BGI <= $215,000 84 100 75 68 93 84 80
$215,000 < BGI <= $240,000 51 55 41 58 55 64 48
BGI > $240,000 118 146 85 95 108 125 103
New commitments to other owner occupiers without investment property collateral ($m)
BGI <= $65,000 136 79 43 36 34 41 34
$65,000 < BGI <= $90,000 317 238 125 112 116 128 107
$90,000 < BGI <= $115,000 467 396 235 208 211 210 181
$115,000 < BGI <= $140,000 509 498 313 288 326 298 276
$140,000 < BGI <= $165,000 427 490 313 301 322 345 287
$165,000 < BGI <= $190,000 322 379 257 257 262 290 249
$190,000 < BGI <= $215,000 251 281 203 198 202 225 198
$215,000 < BGI <= $240,000 179 231 147 143 172 186 158
BGI > $240,000 872 1,008 737 752 825 888 720

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.