A quarter of the new residential mortgages issued by banks in the first half of this year were to first home buyers.
According to the New Zealand Banking Association (NZBA), banks issued 60,249 new home loans between January and June, with 25% of those issued to first home buyers.
That suggests 15,062 new home-owning households were created in the first half of 2025.
The average amount borrowed by first home buyers was $507,690, up 3% compared to the previous six months.
By comparison, the average value of all the new home loans issued by banks in the first half of this year, including to first home buyers, was $404,603. That was down 0.4% from the previous six months.
In total, 1.2 million bank customers had 1.4 million mortgages between them at the end of June.
The average value of all of those mortgages was $329,656, up 2% compared to the end of December last year.
Of the 1.4 million mortgages at the end of June, 1.5% were behind with their mortgage payments, down by 0.1% compared to six months earlier.
Conversely, 40.3% of home loans were ahead with their mortgage payments, up from 39.4% six months earlier.
In total, 6515 bank customers applied for hardship status in the first half of this year, down 26% compared to the previous six months.
Additionally, 12,555 home loans were switched from principal and interest payments to interest only in the first half of the year, down 28% compared to the previous six months.
"Despite the challenging economic conditions, we're seeing most customers continuing to manage their money well," NZBA Chief Executive Roger Beaumont said.
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In total, 6515 bank customers applied for hardship status in the first half of this year, down 26% compared to the previous six months.
Additionally, 12,555 home loans were switched from principal and interest payments to interest only in the first half of the year, down 28% compared to the previous six months.
"Despite the challenging economic conditions, we're seeing most customers continuing to manage their money well," NZBA Chief Executive Roger Beaumont said.
That's why we are seeing a lot less mortgagee sales.
12.5k first 6 months and 16k last half 24 -> almost 30,000 people paying interest only here....
Banks never used to extend and pretend like this in the past its why M sales are down
banks issued 60,249 new home loans between January and June
In total, 6515 bank customers applied for hardship status in the first half of this year, down 26% compared to the previous six months.
Additionally, 12,555 home loans were switched from principal and interest payments to interest only in the first half of the year, down 28% compared to the previous six months.
so 60,249 issued but 19,070 problematic
will not be the same mortgages but
this reset is not even close to over
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