Of the more than 5 billion new money lent out, only a quarter went to property investors. The bulk of the new money was to other home owners and approx 14% to first home buyers. This is surprisingly good news for first home buyers as the previous year they saw only approx 11% of the new money lent.
Nearly one billion less money was lent to investor buyers in June compared to June 2016. Across all borrower types the banks lent 1.7 billion less this June and Auckland house prices are starting to feel the affects. Looking at the overall trend the lending seems to be almost stuttering with one month up and the preceding month down.
Hamish Patel – mortgage broker. Mobile: 021 625 693, hamish@monline.co.nz
