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Mortgages

Mortgage Rates Daily Commentary
Wednesday 28 October 2020  Add your comment
Mortgage lending record; ANZ slashes one year rate

Mortgage lending hit $7.3 billion in September, the highest value on record, according to the latest Reserve Bank data, as the market continues to defy expectations: [READ ON]

ANZ has followed the lead of Westpac and TSB and slashed its one year fixed special to 2.49%. Six and 18 month rates also fall. See all the latest mortgage rates here.

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SBS mortgage book swells

SBS Bank's mortgage book swelled in the three months ended December, reflecting its take over of fellow co-operative Hastings Building Society.

Wednesday, March 2nd 2011, 5:00AM

by Jenny Ruth

 

 

SBS's profit also jumped, reflecting lower charges for bad loans and strong net interest income.

Finance general manager Tim Loan says the bank's deposit base saw strong growth as the bank attracted deposits from former South Canterbury Finance customers.

SBS's December quarter general disclosure statement (GDS) shows its mortgage book grew $109.3 million to $1.83 billion in the three months. That's using the same capital adequacy-based measure GoodReturns has used since December 2002.

SBS's loan-to-valuation ratio (LVR) table shows exactly the same figures. Unlike some of the other banks, SBS doesn't provide a breakdown of its housing lending in its note on advances to customers.

Loan says the bank's underlying mortgage business is very slow.

Reserve Bank figures, which often don't marry at all well with figures derived from all the home-lending banks' GDSs, show all bank lending on housing grew $422 million in the December quarter.

SBS's mortgages with LVRs above 80% eased to 20.8% of its mortgage book from 22.4% three months earlier while those with LVRs above 90% fell to 17.1% from 18.2%. Government-backed Welcome Home Loans account for 79% of loans with LVRs above 90%.

SBS's net profit for the three months rose 18.7% to $4.6 million after its charge against profit for bad loans fell 11.5% to $3.3 million and net interest income rose 16.6% to $14.6 million.

"We had the hump in terms of bad loans and now we're certainly racing down the other side which we're happy about," Loan says.

Most of SBS's term lending is in the form of redeemable shares which grew by $240.5 million to $2.17 billion in the three months. Other deposits grew by $0.9 million to $252.3 million.

"Overall,we're feeling pretty comfortable with where things are sitting," Loan says.

« ANZ/National cuts one-year rate below floating10 lenders cut short-term rates »

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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 ▼3.09 3.25 3.39
ANZ Special - ▼2.49 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 2.95 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
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
Kainga Ora - First Home Buyer Special - 2.25 - -
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
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 3.05 2.99 2.99
SBS Bank Special - 2.55 2.49 2.49
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 ▼2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 ▼2.99 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 ▼3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.49 2.69 2.79
Median 4.55 2.94 2.99 2.80

Last updated: 29 October 2020 5:00am

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