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Mortgages

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Three banks increase mortgage stakes

Westpac continued to increase its share of the mortgage market and its profitability rose 15% in the June quarter.

Monday, September 3rd 2007, 7:34AM

by Jenny Ruth

Not so ANZ/National Bank, whose third quarter net profit fell 24.7%, although its share of the mortgage market rose a smidgeon after three quarters of declines.

Westpac's third quarter net profit rose to $138 million for the three months ended June compared with $120 million in the June quarter last year, its latest General Disclosure Document shows.

Westpac's mortgage book grew by $1.08 billion in the three months, taking its total book to $28.35 billion. Using the Reserve Bank's figures as a proxy for the market, that means it accounted for 23.2% of the total lending on housing by banks in the quarter.

That took its market share to 20.35% at the end of June from 20.24% at the end of June and 19.52% at the end of June last year.

ANZ/National's net profit fell to $213 million for the June quarter compared with $283 million for the June quarter last year. It's net profit for the nine months ended June was up 5.6% to $848 million. ANZ/National said the nine-month result included nearly $1.3 billion in provisions after what it said were "unsustainably low provisioning charges" in the previous June quarter.

ANZ/National's mortgage book grew by $1.68 billion to $48.01 billion in the latest three months, taking its share of total bank lending on housing to 34.46%, up from 34.43% three months earlier and compared with 34.99% in June last year.

« BNZ mortgage market share slipsKiwibank profit growth slows but mortgage market share rises »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

Last updated: 4 March 2021 8:47am

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