RBNZ macroprudential succeeds in cooling speculative mortgage growth
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The RBNZ’s latest mortgage data shows that household and mortgage credit growth has cooled significantly in New Zealand following loan-to-value ratio restrictions targeting investors.
As shown in the next chart, New Zealand household borrowing has retraced sharply, recording annual growth of 5.7% in March:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.