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Residential mortgage lending by debt-to-income (DTI) purpose use (C40)

This data analyses residential mortgage debt compared to the income of the borrowers, broken down by borrower type.

Previous years: Monthly:
Mar 2020 Mar 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022
Total new commitments ($m)
Total 6,181 10,487 9,084 7,907 4,667 5,706 7,273
TDTI unknown 199 451 248 222 172 169 190
New commitments to first home buyers ($m)
TDTI <= 3 103 119 74 65 37 46 62
3 < TDTI <= 4 224 239 195 168 91 118 164
4 < TDTI <= 5 360 476 424 420 210 233 331
5 < TDTI <= 6 290 549 553 504 287 340 367
6 < TDTI <= 7 127 293 344 266 129 155 220
TDTI > 7 (excl. unknown) 37 119 150 144 73 67 64
Unknown 3 6 7 1 2 6 1
New commitments to other owner-occupiers without investment property collateral ($m)
TDTI <= 3 603 683 608 532 299 417 550
3 < TDTI <= 4 493 688 612 569 338 456 588
4 < TDTI <= 5 583 885 877 745 470 565 730
5 < TDTI <= 6 414 836 767 725 429 537 694
6 < TDTI <= 7 200 490 587 456 287 273 404
7 < TDTI <= 8 88 252 253 218 117 114 153
8 < TDTI <= 9 37 115 129 118 61 63 55
TDTI > 9 (excl. unknown) 109 185 289 218 171 155 167
Unknown 80 205 118 94 87 83 92
New commitments to other owner-occupiers with investment property collateral ($m)
TDTI <= 3 144 126 90 83 46 84 88
3 < TDTI <= 4 110 176 128 106 64 93 137
4 < TDTI <= 5 173 224 193 154 98 162 199
5 < TDTI <= 6 223 381 281 267 141 202 265
6 < TDTI <= 7 192 429 318 259 155 200 299
7 < TDTI <= 8 140 382 247 226 121 120 142
8 < TDTI <= 9 69 160 137 99 62 60 61
TDTI > 9 (excl. unknown) 43 127 160 123 58 79 147
Unknown 52 131 69 78 61 41 38
New commitments to investors ($m)
TDTI <= 3 212 203 129 105 81 93 125
3 < TDTI <= 4 140 155 121 103 71 96 123
4 < TDTI <= 5 172 284 176 166 102 133 171
5 < TDTI <= 6 185 317 212 184 108 172 205
6 < TDTI <= 7 206 376 268 230 148 182 258
7 < TDTI <= 8 166 336 227 211 116 152 160
8 < TDTI <= 9 73 236 156 121 55 105 88
TDTI > 9 (excl. unknown) 64 196 133 101 70 67 68
Unknown 63 109 54 48 23 40 59

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.

Other owner-occupiers with investment property collateral

Other owner-occupiers with investment collateral are borrowing for the purpose of purchasing or building a dwelling they (or a related party) will live in, and are securing that loan at least partly against investment property collateral. An owner occupier with investment property collateral can occupy more than one property e.g. a family home and a holiday home.

Investors

Investors are entities or persons borrowing for the purpose of building or purchasing residential property to rent. The borrower is securing the loan at least partly on a non-owner occupied property and the borrower does not intend to live in the property (if any) they are seeking to build or purchase.

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.