New Reserve Bank figures show the amount borrowed by investors for house purchases in May dropped by $1 billion compared with the same month a year ago.
Housing investors borrowed $1 billion less in May than they did in the same month a year ago, according to latest Reserve Bank figures.
During May, investors borrowed $1.49 billion, compared with just under $2.49 billion in May 2016, which is a whopping 40% drop.
Perhaps the 40% fall is somewhat symbolic, since 40% is the figure the Reserve Bank slapped on investors as needing for a deposit in a move announced last July.
So, the latest figures therefore indicate very much a 'before and after' comparison of borrowing patterns before the deposit rule was announced and what has happened since and the figures indicate that the RBNZ's measures continue to have an impact..