Mortgage lending up was by $952 million in the month, to a new total of $178.66 billion.
It’s the biggest rise, in dollar terms, for nearly five years.
For the week ended February 22, there were 7557 home loan approvals, worth $1.33 billion.
The increasing pace of lending growth has been flagged as a concern for the Reserve Bank, particularly in Auckland.
Earlier this week, Finance Minister Bill English said the Government was considering formalising the use of macroprudential tools to cool excessive credit cycles.
Its proposals, including requiring banks to hold more capital, adjusting banks’ funding ratios and introducing loan-to-value restrictions, will go to the public for consultation this month.
