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ASB, Kiwibank take lion's share of Sept qtr mortgage lending

Kiwibank and ASB Bank between them accounted for nearly 82% of the growth in mortgage lending by registered banks in the September quarter, although both saw profitability slip in the three months.

Wednesday, December 3rd 2008, 5:38AM

by Jenny Ruth

Kiwibank’s mortgage book grew by $418.6 million to $5.52 billion in the three months. Using Reserve Bank figures as a proxy for the market, that means Kiwibank captured 33.8% of new mortgages written by registered banks in the three months, taking its market share to 3.6% from 3.36% three months earlier.

The Reserve Bank figures show total mortgage lending by registered banks grew $1.24 billion to $153.27 billion in the three months ended September.

Kiwibank’s past due residential mortgages rose to $14.3 million at September 30 from $5.9 million at June 30. The proportion of its mortgages with loan-to-value ratios (LVRs) above 80% fell slightly to 17.5% from 17.7% at June 30.

Kiwibank’s net profit slipped to $9.7 million in the three months from $11.4 million in the same three months a year earlier.

ASB’s on-balance sheet mortgages grew $597 million to $36.4 billion, accounting for 48.2% of all mortgage lending by registered banks in the three months. That took its market share to 23.75% from 23.55% three months earlier.

This is the second quarter in a row ASB has increased its market share after previously steadily losing ground since the September quarter of 2006.

ASB had a further $4.57 billion in off-balance sheet mortgages, generally loans approved but not drawn down, down from $4.61 billion at June 30.

ASB had $187 million of past due assets at September 30 of which $111 million were residential mortgages. That was up from $77 million of which $42 million were residential mortgages a year earlier.

The proportion of its mortgages with LVRs above 80% was 15.9% at September 30, up from 15.4% at June 30. About 9.6% of its mortgage loans had lender’s mortgage insurance for the top 20% and 0.8% were 100% insured.

ASB’s net profit fell to $94 million in the three months from $124 million in the same quarter a year earlier.

« Kiwi and Allied to mergeOCR cut to 7.5% »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 3.95 4.15 4.49
ANZ Special - 3.45 3.65 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
Bluestone 4.44 4.44 4.29 4.34
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
Lender Flt 1yr 2yr 3yr
China Construction Bank Special - 3.19 3.19 3.19
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 3.20 3.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
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 -
Lender Flt 1yr 2yr 3yr
Pepper Money Near Prime 5.64 - 5.44 5.44
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
Lender Flt 1yr 2yr 3yr
TSB Bank 6.09 4.19 4.35 4.69
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 3.96 4.09 4.39

Last updated: 21 February 2020 4:32pm

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