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New Zealand New Residential Mortgage Lending Falls in July

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Total new residential mortgage lending in New Zealand fell to NZ$7.85 billion in July from NZ$8.45 billion in June, according to data from the Reserve Bank of New Zealand released on Wednesday.

Residential mortgage lending to first home buyers fell to NZ$1.58 billion in July from NZ$1.6 billion in the previous month. Lending to other owner-occupiers decreased to NZ$4.68 billion from NZ$5.1 billion.

Residential mortgage lending to investors fell to NZ$1.48 billion from NZ$1.65 billion, while that for business purposes increased to NZ$109 million from NZ$95 million.

Total new residential lending at a loan-to-valuation ratio above 80% came in at NZ$1.26 billion in July for all borrower types, down from NZ$1.27 billion in June.

Residential mortgage lending, where the loan-to-valuation ratio is equal to or below 80%, was NZ$6.59 billion for all borrower types, down from NZ$7.18 billion in the previous month.

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