First-home buyers took out only 10 per cent by value of mortgages given by New Zealand banks in September.
They were outstripped by landlords nearly three to one.
Reserve Bank lending figures showed banks gave mortgages worth $4.2 billion in September of which first-home buyers borrowed $430 million.
Investors borrowed $1.2 billion.
AdvertisementAdvertise with NZME.
Other owner-occupier lending was $2.5 billion but an official said that could include customers getting new mortgages and switching banks, loan top-ups, mortgages for renovations, holidays and other reasons.
Business lending was $67 million in September.
The Reserve Bank started publishing mortgage figures broken down by borrower type two months ago.
"New mortgage lending includes borrowing for purchasing houses, loan top-ups to existing home owners, switching of mortgages between banks and small businesses borrowing on their mortgage," its analysis said.
"Borrowers are classified as first home buyers, other owner-occupiers, investors or those borrowing for business purposes."
Of the $359 million loaned in high loan to value ratio mortgages - above 80 per cent of a property's value - s $120 million went to first home buyers, $198 million to other owner occupiers, $38 million to investors and $3 million to business borrowers.