Investors borrow billions to buy NZ houses

(Australian Associated Press)

 

Property investors in New Zealand borrowed far more than first home buyers last month and took out a much greater number of mortgages, just-released figures show.

The NZ Reserve Bank’s June lending data shows investors borrowed $NZ2.56 billion ($A2.40 billion) while first home buyers borrowed less than a third of that, $NZ738 million.

The investors took out more than 7,000 new mortgages compared with 1970 by first home buyers.

The bank has previously said it’s worried about the impact investors are having on the housing market, particularly in Auckland, and new restrictions have just been brought in to curb their borrowing.

 

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