Briefs: Kiwi first home buyers energised by low interest, RBNZ bill introduced

Banking Day staff
  • There’s been a surge in first home buyers taking out mortgages with Kiwi banks. Last month a fifth of new loans went to first home buyers - the largest share since the RBNZ started keeping track in 2013. Correspondingly, investor activity slipped marginally to 19.4 percent of new mortgage commitments overall, down from 20.7 percent in. Overall mortgage lending climbed to $5.36 billion for June, though mortgage lending in Auckland fell 7.8 percent year-on-year.
  • The RBNZ has welcomed the introduction of the new Reserve Bank Bill that sets out the organisation’s future institutional and governance arrangements, introduced to Parliament yesterday. It is the first of two bills resulting from the Phase 2 review of the Reserve Bank of New Zealand Act 1989 (the current Act will be replaced with two new pieces of legislation – ‘Reserve Bank Act’ and a ‘Deposit Takers Act’.) This first Bill focuses on reforming the overall institutional, governance, accountability, and funding arrangements of the RBNZ.