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Mortgage Rates Daily Commentary
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ASB cuts mortgage rates; costs to rise under new regime?

ASB has joined Kiwibank in cutting its 1 year special rate to 3.39%, with 6 month home loans also cut from this morning. Two year rates, however, are increased by 10 basis points. Take a look at the latest rates here

In case you missed it on TMM Online, New Zealand's biggest adviser groups talked through the cost impact of the new regulatory regime. Find out what they said here

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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
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.02 4.09 4.39

Last updated: 21 November 2019 9:39am

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