New Zealand Business Lending Data 2025 - RBNZ Statistics & Trends
Our report looks at new business lending data by sector, including commercial property and agricultural lending, annual and seasonal business lending trends and frequently asked questions
Updated 30 December 2025
Summary and Key Findings
Our guide covers:
Data Source
All statistics sourced from Reserve Bank of New Zealand Table C70: New Lending by Purpose. Data covers new credit flows from all registered banks. Latest data - October 2025, published 5 December 2025.
- New Zealand banks issued $161.4 billion in new lending in the 12 months to October 2025 - up 26.7% year-on-year
- Business lending (excluding agriculture) was $43.5 billion - up 20.8% year-on-year
- Agriculture lending was $13.4 billion - dairy accounts for 57.5% of rural lending, up 24.9% year-on-year
- Commercial property investment dominates at $9.8 billion annually
- Personal consumer lending (non-housing) total $2.8 billion - just 4.2% of total
- October 2025 saw $14.6 billion in total new lending - which is 21% higher than the total new lending reported in October 2024
Our guide covers:
- Total New Lending by Sector (For the Year End 31 October 2025)
- Business Lending Breakdown - Commercial Property Lending (Year-End to 31 October 2025)
- Annual and Seasonal Business Lending Trends (2022-2024)
- Frequently Asked Questions
Data Source
All statistics sourced from Reserve Bank of New Zealand Table C70: New Lending by Purpose. Data covers new credit flows from all registered banks. Latest data - October 2025, published 5 December 2025.
Total New Lending by Sector (For the Year End 31 October 2025)
Banks issued $161.4 billion in new lending over the 12 months to October 2025, including residential mortgages, a significant recovery from $127.4 billion the prior year.
Know This: The 20%+ growth in both business and agriculture lending signals genuine economic recovery after the subdued 2023 period. Lower interest rates from late 2024 have clearly stimulated borrowing.
Know This: The 20%+ growth in both business and agriculture lending signals genuine economic recovery after the subdued 2023 period. Lower interest rates from late 2024 have clearly stimulated borrowing.
| Sector | Annual Total | Share of Non-Housing Lending (as a Total) | YoY Change |
|---|---|---|---|
| Business (excluding Agriculture) | $43.5 billion | 66.4% | +20.8% |
| Agriculture | $13.4 billion | 20.5% | +24.9% |
| Personal Consumer | $2.8 billion | 4.2% | +7.0% |
| Other Lending (non-residential mortgages) | $5.8 billion | 8.9% | - |
Business Lending Breakdown - Commercial Property Lending (Year-End to 31 October 2025)
Investment property lending dominates at 78% - loans to purchase existing commercial buildings. The low development share (22%) reflects developer caution after 2023-24 construction difficulties.
Commercial property lending of $12.5 billion, which includes residential development as business-purpose, breaks down as:
Commercial property lending of $12.5 billion, which includes residential development as business-purpose, breaks down as:
| Type | Annual Total | Share of Commercial Property |
|---|---|---|
| Investment Property | $9.8 billion | 78.2% |
| Property Development (Commercial) | $1.4 billion | 11.4% |
| Property Development (Residential) | $1.3 billion | 10.4% |
Annual and Seasonal Business Lending Trends (2022-2024)
Know This: 2023 was clearly the trough - total lending fell 9% from 2022 as high interest rates choked demand. The 2024 recovery saw total lending exceed 2022 levels, signalling confidence has returned.
| Year | Total Lending | Business | Agriculture | Consumer |
|---|---|---|---|---|
| 2022 | $128.4bn | $38.8bn | $11.2bn | $2.3bn |
| 2023 | $117.1bn | $32.9bn | $10.9bn | $2.7bn |
| 2024 | $131.9bn | $37.4bn | $10.7bn | $2.6bn |
Seasonal Patterns in Business Lending
Business Lending Seasonality:
Agriculture Lending Seasonality:
- January is the weakest month, averaging $1.8 billion (given the extended summer holidays)
- March marks the first significant activity, averaging $3.5 billion
- November-December are strong - averaging $3.5 billion (as year-end deals complete)
Agriculture Lending Seasonality:
- May-June are peak months - averaging $1.6 billion (dairy payout confirmation)
- January-February are the weakest, under $500 million monthly
| Month | Average Business Lending (2022-24) | Average Agriculture Lending (2022-24) |
|---|---|---|
| January | $1,815m | $412m |
| February | $2,075m | $588m |
| March | $3,499m | $922m |
| April | $2,847m | $840m |
| May | $2,975m | $1,462m |
| June | $3,196m | $1,811m |
| July | $3,178m | $1,009m |
| August | $3,061m | $861m |
| September | $3,478m | $762m |
| October | $3,254m | $640m |
| November | $3,502m | $807m |
| December | $3,473m | $836m |
Frequently Asked Questions
How much do New Zealand businesses borrow annually?
Businesses (excluding agriculture) borrowed $43.5 billion in the year to 31 October 2025. Including agriculture ($13.4 billion), total business and rural lending was approximately $57 billion.
What's the average business loan in New Zealand?
RBNZ data shows aggregate volumes, not individual loans. Typical SME loans range from $50,000 to $500,000, while commercial property facilities can exceed $10 million. Our guide to small business loans, business loans and asset finance explain more.
What percentage goes to commercial property?
Commercial property lending (which includes residential development for business-purposes) accounts for 29% of business lending ($12.5bn of $43.5bn). Investment property purchases dominate at 78%, with development the remainder.
Why does agriculture lending spike in May-June?
Dairy payout confirmations come in late autumn, and once farmers know their season's income, they make capital and refinancing decisions. May-June sees $1.5-2.0 billion monthly vs under $500m in January-February.
Is business lending a good economic indicator?
Yes - new lending flows are a leading indicator. Rising business lending suggests confidence in future revenue and expansion. The 21% YoY growth signals economic recovery, though from a weak 2023 base.
