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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
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 6.79 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 7.74 7.39 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.09 6.95
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 20 June 2024 10:39am

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