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Mortgages

Mortgage Rates Daily Commentary
Friday 3 July 2020  Add your comment
TSB makes big rate cuts; Bank profits drop 20%

This morning TSB has made some significant cuts to its home loan lineup. Its 18 month special falls by 30 basis points, and its six-month home loan drops by 40 basis points. See the latest rates here.

With record-low rates and Covid-19 to contend with, bank profits are taking a big hit this year. KPMG's latest report shows profits fell by 20% in the first quarter: [READ ON]

 

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Westpac's mortgage growth slows

Westpac continues to grow its mortgage book at a faster rate than its market share although its momentum is slowing.

Friday, December 3rd 2010, 12:24PM

by Jenny Ruth

Westpac's September quarter general disclosure statement (GDS) shows its mortgage book grew by $210 million in the quarter. Using Reserve Bank figures as a proxy for the mortgage market, Westpac accounted for 26.1% of all new lending on mortgages by registered banks in the three months.

However, its mortgage lending growth slowed markedly from the $390 million added in the June quarter and $552 million in the three months ended March.

Also using Reserve Bank figures, Westpac's share of all mortgages written by registered banks was 17.52% at September 30, up from 17.48% three months earlier and compared with 16.96% in September last year.

While the government-owned Kiwibank's momentum is also slowing, it and Westpac have accounted for the lion's share of new mortgage lending by banks this year.

If the Reserve Bank figures are close to actual new lending in the September quarter (which won't be known until three other banks, Bank of New Zealand, SBS Bank and TSB Bank, have lodged their GDSs), then Kiwibank and Westpac will have accounted for 62.6% of new mortgage lending in the quarter.

The two banks accounted for 65.2% of actual new lending by registered banks in the June quarter and 67% in the March quarter.

Westpac's September quarter net profit jumped 21.7% to $73 million as net interest income recovered - it was up 5.8% to $312 million in the quarter - and operating expenses fell - down 4.6% to $186 million. For the year ended September, net interest income was down 11.6% to $1.16 billion while operating expenses fell $4 million to $704 million.

Charges against profit for bad loans fell $5 million to $100 million in the latest quarter which charges for mortgages gone bad dropping to $23 million from $32 million in the September quarter last year.

Westpac's mortgages with loan-to-valuation ratios (LVRs) above 80% eased to 22.9% of its loan book from 23.6% at June 30.

 

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 3.85
ANZ Special - 2.65 2.75 3.35
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 ▼3.19 ▼3.49
SBS Bank Special - 2.79 ▼2.69 ▼2.99
The Co-operative Bank - Owner Occ 4.40 2.79 2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 3.29 3.89
TSB Bank 5.34 3.59 3.49 3.79
TSB Special 4.54 ▼2.65 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.65 2.69 2.79
Median 4.55 3.22 3.22 3.44

Last updated: 3 July 2020 8:15am

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