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New Zealand New Residential Mortgage Lending Rises in March

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Total new residential mortgage lending in New Zealand rose to NZ$9.5 billion in March from NZ$6.64 billion in February, according to data from the Reserve Bank of New Zealand released on Wednesday.

Residential mortgage lending to first home buyers rose to NZ$1.99 billion in March from NZ$1.39 billion in the previous month. Lending to other owner-occupiers increased to NZ$5.49 billion from NZ$3.92 billion.

Residential mortgage lending to investors rose to NZ$1.89 billion from NZ$1.25 billion, while that for business purposes increased to NZ$134 million from NZ$82 million.

Total new residential lending at a loan-to-valuation ratio above 80% came in at NZ$1.38 billion in March for all borrower types, up from NZ$981 million in February.

Residential mortgage lending, where the loan-to-valuation ratio is equal to 80% or below, was NZ$8.12 billion for all borrower types, up from NZ$5.65 billion in the previous month.

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