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Kiwibank smashes out the home loans

Kiwibank wrote a quarter of all home loans written the last half of 2023. [READ ON]

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Westpac's profit plummets

Westpac New Zealand’s net profit plummeted 84% in the June quarter as charges for bad loans continued to escalate and its mortgage lending growth slowed after a surge in the March quarter.

Sunday, August 30th 2009, 9:51PM 1 Comment

by Jenny Ruth

The latest general disclosure statement for the Australian bank's New Zealand subsidiary shows net profit for the three months ended June was just $26 million compared with $163 million in the June quarter last year. That brought net profit for the nine months ended June to $186 million compared with $462 million in the same nine months a year earlier.

The quarterly profit fall largely reflected a further $199 million in charges against profit for bad loans, bringing the total for the nine months ended June to $515 million compared with just $97 million in the same nine months a year earlier.

Net interest income fell 9.3% to $321 million in the June quarter but was up 7% at $1.02 billion for the nine months ended June.

Most of Westpac's burgeoning bad debts are from its corporate lending - mortgages gone bad accounted for just $20 million of the June quarter charges and $70 million for the nine months ended June.

Westpac's mortgage book totalled $27.02 billion at June 30, up $136 million from March 31. Using Reserve Bank figures as a proxy for the market, Westpac's new mortgage lending accounted for only 7.7% of the increase in lending on mortgages by registered banks in the June quarter.

That meant its market share slipped from 17.09% to just below 17%.

Its mortgage lending in the March quarter grew $365 million after adding just $60 million in the December quarter.

Westpac had a further $5.18 billion in undrawn mortgages at June 30.

Westpac's mortgages with loan-to-value ratios (LVRs) above 80% continued to decline to 26.9% of its mortgage book at June 30 from 27.4% at March 31 and 28.2% at December 31.

 

« BNZ coy on whether it will return to brokersANZ bad loan charges soar; underlying profit rises »

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Comments from our readers

On 31 August 2009 at 1:01 pm Wes said:
Has Westpact counted the $10ms, the permenant loan to the Gas Station Boss?
Commenting is closed

 

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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 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
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 - 7.35 6.89 6.79
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
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 6.69 6.45 6.19
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.79

Last updated: 14 February 2024 1:37pm

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