This week’s mortgage briefing
Stats NZ data released on 1 October shows 41,268 new homes were consented in the year to August, up 21% year-on-year, while the seasonally adjusted monthly total rose 5.6%. The two-year NZ dollar wholesale swap was 4.08% on 1 October, up 9 basis points from 23 September. Consents and swap rates are market indicators, not completed homes, individual approval outcomes or mortgage offers.
What it means this week
The two-year swap remains above 4% and was 36 basis points higher on 1 October than on 31 August. Wholesale funding is only one pricing input; confirm current rates, policy and eligibility directly with lenders.
Annual home consents reached 41,268 and the seasonally adjusted monthly total rose 5.6% in August. Consents point to future supply, but they do not show when a project will be completed or offered for sale.
The Treasury says residential investment remains subdued and flags the risk of higher rates for longer if energy-driven inflation persists. Treat that as a scenario, not a forecast for any lender's mortgage pricing.
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Stats NZ recorded 41,268 new homes consented in the year ended August, up 21% from the previous year. The seasonally adjusted number of new dwellings consented rose 5.6% in August after falling 4.5% in July. Consents indicate the construction pipeline; they are not completed homes or sales.
The two-year NZ dollar swap rate was 4.08% on 1 October, up 9 basis points from 3.99% on 23 September and 36 basis points from 3.72% on 31 August in BlueGamma's comparable observations. This is a wholesale-market signal, not a mortgage offer, and customer rates do not move automatically or one-for-one with swaps.
The Treasury's Pre-election Economic and Fiscal Update says residential investment remains subdued and that higher oil prices have added to inflation and interest-rate pressure. It also warns that more persistent energy costs could require higher rates for longer. This is an official forecast and risk assessment, not a mortgage-rate prediction.
Reserve Bank data shows $7.188b of new residential mortgage commitments in August, down from $7.853b in July and $7.557b in August 2025. Property-purchase lending accounted for $4.159b of the August total.
Reserve Bank data shows the average advertised special rate at the end of August was 4.87% for one year and 5.29% for two years, up from 4.74% and 5.15% in July. These are simple averages of advertised specials; conditions apply and individual offers may differ.
QV's August index puts the average New Zealand home value at $894,977, down 1.9% over the three months to the end of August and 1.3% year-on-year. Auckland values fell 2.7% and Wellington city 3.5% over three months; regional outcomes vary.
First-home buyers accounted for $1.475b of August mortgage commitments, down from $1.580b in July but slightly above the $1.470b recorded in August 2025. These totals describe lending flows, not an individual borrower's eligibility or approval prospects.
Kiwibank announced increases in its Variable and Offset home-loan rates from 6.00% to 6.25%, and its Revolving rate from 6.05% to 6.30%. Its stated effective dates were 7 September for new loans and 21 September for existing loans; check the bank for an individual loan's terms.
ANZ is increasing its Floating home-loan rate to 6.29% and Flexible rate to 6.40%. The new Floating rate applies from 9 September for new loans and 23 September for existing loans; the Flexible rate applies from 23 September.
August commitments above 80% LVR totalled $1.200b, or 16.7% of all new commitments. First-home buyers accounted for $815m of that amount. These figures describe lending flows, not an individual borrower's eligibility or approval prospects.
The Reserve Bank’s annual review keeps the current system-wide allowances: banks may make up to 25% of new owner-occupier lending above 80% LVR and up to 10% of new investor lending above 70% LVR. DTI restrictions also remain in place. These are portfolio limits, not individual approval criteria.
REINZ recorded a $750,000 national median sale price in August, down 1.3% year-on-year. Sales fell 13.0% to 5,430, inventory rose 9.7% to 32,908, and the median time to sell increased by three days to 51 days.
The Reserve Bank increased the OCR from 2.50% to 2.75% on 2 September. It cited annual inflation of 4.1% in the June quarter and said future decisions will depend on the balance of risks to medium-term inflation. The future OCR path is not predetermined.
The Reserve Bank’s August month-end averages put the standard one-year advertised rate at 5.48%, up from 5.34% in July. The standard two-year average rose from 5.73% to 5.89%, while the standard floating average eased from 6.32% to 6.26%. These figures exclude special discounts.
Reserve Bank new-credit-flows data shows $8.266b of new lending fully secured by residential mortgages in July, compared with $8.321b in June. Fixed terms accounted for $6.749b, or 81.6% of July's total. This drawn-lending series differs from new mortgage commitments.
Across reporting banks, the simple average of weighted new-lending rates was 4.65% for one year in July, up from 4.62% in June. The two-year measure eased from 5.00% to 4.98%. These are aggregated rates on lending drawn in July, not current advertised offers.
Reserve Bank data for June shows $159.63b of fixed owner-occupier lending in repricing buckets of up to one year. The figures describe loan balances, not borrower outcomes.
Cotality’s Home Value Index records a national median value of $804,303, down 0.3% for July, 1.0% over three months and 0.7% year-on-year.
August lending data shows $1.807b of commitments involved changing loan provider, down from $1.933b in July and $1.968b in August 2025. The figures record commitments and do not show why borrowers changed provider.
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