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BNZ mortgage market shares steady in Dec quarter

Bank of New Zealand's share of the mortgage market was steady in the December quarter last year, although its profitability fell compared with the same quarter a year earlier.

Tuesday, February 26th 2008, 5:46AM

by Jenny Ruth

The bank's latest quarterly disclosure statement (GDS) shows that net profit fell 8.1% to $171 million for the three months ended December 2007. That was largely because gains on financial instruments such as foreign exchange and interest rate derivatives fell to $28 million compared with $63 million in the December quarter of 2006.

The GDS, the first of the banks' to be published this quarter, shows that loans secured by residential mortgages stood at $24.93 billion at December 31 compared with $24.32 billion at the end of September.

Using Reserve Bank figures as a proxy for the market, that puts BNZ's share of the market at 17%, unchanged from September 30. (The actual figures from all the mortgage-lending banks, which won't be available for the December quarter until all banks have published their GDS's, put BNZ's market share slightly lower at 16.85% in September.)

In the September quarter, BNZ reclassified a large number of business loans which are secured by residential property after beefing up its reporting systems.

BNZ has said it would prefer the figure for housing loans in note 10 of its latest accounts, $23.39 billion compared with $22.91 million at September 30 (which was note 13 in its September GDS) be used to calculate its share of the mortgage market.

However, the accounts of the other home lending banks don't include directly comparable figures. By contrast, all of the banks are required to disclose loans secured by residential mortgages. All banks have always been entitled to include business loans secured by residential mortgages in that category.

Banks have to provide only 50% of the minimum 8% capital backing for housing loans compared with 100% for business loans.

« Lombard won't necessarily know of difficultiesANZ National Bank increase market share »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.55 3.89
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 ▼4.65 ▼4.80 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank 5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society 5.50 3.95 4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 24 January 2020 8:55am

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