We have to emphasise it's all still coming off a low base - but stressed mortgage figures took another bit of a jump last month.
Reserve Bank loans by asset quality figures for July show that specific impairments on mortgages rose by $20 milllion (12.1%) from the previous month to a total of $185 million. That's the highest total in this data series that dates back to March 2018.
Loans past 90 days due but not impaired rose in the month by 4.6% to $1.139 billion - also the highest total since the start of this data series.
And total non-performing loans rose in the month by 5.6% to $1.324 billion, also a new high water mark for this series.
Historically, the non-performing loans ratio is still low against the total amount of outstanding mortgages, at about 0.4% of the $345.305 billion.
After the Global Financial Crisis of 2008, for example, the non-performing loans reached some 1.2% of the total outstanding mortgages amount.
But having said that, the impairments and past 90 days due totals have been rising rapidly from a low base in this calendar year.
From the start of this year specifically impaired mortgages have gone up from $95 million - which is a 94.7% rise, while the 90 days due mortgages have gone up by $384 million - which is a 50.9% rise. It means total non-performing mortgages have risen by $474 million, or by 55.8%.
In its summary of the latest figures, the RBNZ noted that 90 days past due mortgages are now up $94 million (9.0%) on the covid peak in July 2020, but still down as a ratio to total housing lending comparatively. Specific impairments are also up $39 million (26.7%) from this time three years ago.
In the RBNZ's sector lending data also released for July, the figures for housing lending showed that the annual growth rate in the overall outstanding housing lending stock had slowed to just 3%, which is the lowest rate since October 2012.
In its summary of the data, the RBNZ said housing lending stock increased by $679 million (0.2%) in July 2023, which was down on the $1.2 billion increase reported last month.
Total housing lending stock has now increased by $5.2 billion from the start of 2023. As some means of comparison, for the same period a year ago the increase in the stock was $9.3 billion, while for the same period in 2021 when the market was super hot, the increase over that period was $20.8 billion.
The RBNZ said personal consumer lending stock increased by $21 million (0.2%) in July 2023. The annual growth rate increased from 4.6% to 5.1% this month.
Business lending stock decreased by $1.1 billion (-0.8%) in July 2023, which is the largest monthly decline since July 2020. Annual growth dropped from 3.1% to 2.1% this month, which is the lowest since August 2021.
Agriculture lending stock increased by $271 million (0.4%), which was down on the $564 million increase reported last month. The annual growth rate increased from 1.9% to 2.1%.
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