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 3 June 2026
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.
Important Update for any Business Looking to Borrow in 2026
- 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.
Important Update for any Business Looking to Borrow in 2026
- We keep hearing from businesses and seeing it in data-driven media reports that banks are pulling back on unsecured business lending, and overdrafts are being trimmed.
- Prospa, a specialist lender and trusted MoneyHub partner, has stepped into the gap, with rates from 14.99% p.a. and a decision in about an hour.
- Prospa confirmed with MoneyHub that recent lending to established businesses (trading 3+ years, with solid turnover) typically sits between about 15% and 20%.
- See the rate you'd actually pay with Prospa on their website.
- Know This: Your rate depends on your trading history, turnover and industry, and these are annual simple rates, so your real cost is a little higher.
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.
