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Mortgage arrears rising but still low; Mortgage lending grows but still soft

The number of homeowners behind in their mortgage repayments hit more than 21,800 last month, data from credit company Centrix show. [READ ON]

 

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Superbank grows mortgages, deposits and pares losses

Superbank continued to grow both its mortgage book and deposit base in the three months ended December and pared its losses significantly from the same three months a year earlier.

Wednesday, March 15th 2006, 6:00AM

by Jenny Ruth

The bank reported a $1.59 million net loss for the latest three months, down from the $3.89 million recorded in the year earlier quarter. The bank's losses since inception in February 2003 now total $37.07 million.

Its mortgage book grew 6.9%, or by $30.7 million, to $473.2 million between September and December. That was nearly double the growth in the overall mortgage lending by New Zealand banks, based on Reserve Bank figures, and lifted Superbank's share of the market to just over 0.4% from just under that figure. In December 2004, its mortgage book totalled $128.23 million.

Superbank's deposit book grew 4.8%, or by nearly $24 million, to $524 million in the three months. Its deposit book in December 2004 stood at $412.3 million.

Chief operating officer James Munro says the reduced losses primarily reflect the growth in the bank's mortgage book.

"We now have a lending book with significant income which helps."

Still, he says overall growth in the market has fallen away. "As we've gone into summer and the high season, I don't think the market's shown the lift of previous years," Munro says.

He's predicting that inner city apartment prices and house prices in provincial cities which have enjoyed rampant capital growth over the last three or four years are likely to come under pressure, although prices it city suburbs should hold up well.

While St George Bank is on record as reviewing its stake in Superbank, Munro says there's nothing to report on that front.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 ▼7.84 ▼7.39 ▼7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼7.24 ▼6.79 ▼6.65
ASB Bank 8.64 ▼7.29 ▼6.85 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.29 6.85 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.89 7.45 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

Last updated: 4 March 2024 9:31am

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