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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 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.15 3.29 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 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 ▼2.45 2.65 2.79
Kainga Ora 4.43 2.93 3.07 3.24
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 3.29
TSB Bank 5.34 3.29 3.45 3.59
TSB Special 4.54 2.49 2.65 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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