tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, May 25th, 6:00PM

Mortgages

Mortgage Rates Daily Commentary
Monday 25 May 2020  Add your comment
Kiwibank launches record low rate: compare the market

This week kicks off with a record low rate, as Kiwibank's previously announced 2.65% home loan comes into effect this morning. 

ASB's sharp 2.69% two-year loan was launched over the weekend. Expect more movement this week as rivals follow.

With so many changes, keep track of the latest rates and compare the market here.

rss
Latest Headlines

Westpac grabs 44% of all new home loans

Westpac continued to grow its mortgage book aggressively in the June quarter and its profitability jumped sharply on much lower charges for bad loans.

Friday, August 20th 2010, 11:32AM

by Jenny Ruth

Wespac's June quarter general disclosure statement (GDS) shows its mortgage book grew by $390 million to $28.93 billion in the three months ended June 30.

While that was down from its $552 million growth in the March quarter, using Reserve Bank figures as a proxy for the mortgage market, Westpac's growth accounted for nearly 44% of all net new lending on mortgages by registered banks in the June quarter.

Also using Reserve Bank figures (actual figures won't be available until all the home lending banks have lodged their June quarter GDSs), Westpac's share of mortgages written by registered banks rose to 17.59% from 17.44% three months earlier.

Westpac's mortgage book has been growing much faster than its share of the market since the December quarter last year.

Depending on how good a proxy for the market the central bank's figures prove to be, that means Westpac and Kiwibank, the only other bank to have lodged its June quarter GDS so far, accounted for nearly 80% of all net new mortgage lending by registered banks in the quarter.

The two banks accounted for 67% of all actual net new mortgage lending by registered banks in the March quarter.

Westpac's net profit for the three months ended June rose nearly four-fold to $97 million from $26 million in the same quarter last year, taking net profit for the nine months ended June to $213 million, down 13.3% on the same nine months a year earlier.

The nine-month profit decline reflects Westpac's very weak first quarter.

The bank's charges against profit for bad loans fell dramatically to $27 million in the June quarter compared with $199 million in the same year-earlier quarter with charges for home loans accounting for $24 million.

The fall in bad loan charges was able to more than offset the 11.8% drop to $283 million in Westpac's net interest income in the June quarter and a fall in non-interest income to $66 million from $88 million in the June quarter last year.

Westpac's mortgages with loan-to-valuation ratios (LVRs) above 80% eased to 23.6% of its book from 24.6% at March 31, mostly reflecting a sharp decline in mortgages with LVRs above 90% to 8.9% from 9.7% three months earlier.

 

« Kiwibank still growing mortgage book but momentum wanesBNZ stepped up mortgage lending in June quarter »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 ▼3.29 ▼3.45 ▼3.85
ANZ Special - ▼2.79 ▼2.95 ▼3.35
ASB Bank 4.45 ▼3.35 ▼3.19 ▼3.85
ASB Bank Special - ▼2.85 ▼2.69 ▼3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼2.79 2.99 ▼2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.75 3.99 4.39
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 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 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 ▼2.80 ▼2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC ▼4.40 ▼2.95 ▼2.95 ▲3.69
Kainga Ora 4.43 3.55 3.85 4.14
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - ▼2.65 ▼2.79 ▼3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - ▼2.99 ▼3.05 3.69
The Co-operative Bank - Owner Occ 4.40 3.09 3.35 3.69
The Co-operative Bank - Standard 4.40 3.59 3.85 4.19
TSB Bank 5.34 ▼3.59 ▼3.79 ▼4.19
TSB Special 4.54 ▼2.79 ▼2.99 ▼3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.79 ▼2.79 3.39
Median 4.55 3.50 3.79 3.69

Last updated: 25 May 2020 5:00am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com