About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, January 21st, 6:17PM
Mortgage Rates Daily Commentary
Tuesday 21 January 2020  Add your comment
Low equity premiums: unfair and dishonest?

Banks have drawn criticism for charging high-LVR borrowers with "low equity premiums" and failing to notify them when they can switch to better rates: [READ ON]

rss
Latest Headlines

Christchurch provisions hit SBS Bank's March Qtr profit

SBS Bank's March quarter profit nearly halved because of provisions against unquantifiable potential losses from the Christchurch earthquake while its mortgage book shrank slightly.

Friday, July 1st 2011, 9:21AM

by Jenny Ruth

The bank's annual report shows net profit for the three months ended March fell to $2.7 million from $4.9 million in the March quarter last year, taking annual net profit to $14.2 million, down 5.2% on the previous year.

SBS' charges against profit for bad loans jumped to $8.1 million from $5 million in the year-earlier quarter. "Though we have the comfort of knowing our lending is secured by first mortgage security, with replacement insurance a mandatory requirement, we have taken a precautionary $3.55 million provision against potential, but unknown, losses from the earthquake," the report says.

SBS's mortgage book eased $13.3 million to $1.81 billion in the three months and compared with $1.72 billion at March 31 last year. The bank says its total lending for the year grew $125 million but went backwards slightly after taking into account the $144 million in loans it acquired with the takeover of the Hastings Building Society.

The bank's loan-to-valuation (LVR) table shows 3.5% of its mortgages had LVRs between 80% and 90% and 17.3% had LVRs between 90% and 100% of which 80% were government-backed Welcome Home Loans.

SBS is the last of the home-lending banks to report this quarter and its market share is now 1.08% - that's using on-balance sheet mortgages included in each bank's LVR table.

Unfortunately, because figures prepared on the same basis aren't available for Westpac for previous quarters, and no other set of figures provides comparable results for all the banks, it's impossible to say how much the market for mortgages issued by registered banks grew or shrank in the quarter or how much each bank's market share rose or fell.

However, the aggregate figures show the mortgages written by registered banks at March 31 totalled $167.62 billion.

ANZ Bank is the largest mortgage lender with 32% of the market, followed by ASB Bank with 22.35%, Westpac with 20.46%, Bank of New Zealand with 15.95%, Kiwibank with 6.16%, TSB Bank with 1.41%, SBS as above and HSBC with 0.58%.

« No support for Dickens' theory the OCR should be held steadyTSB's mortgage book grows but profitability flat »

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
ANZ 5.19 4.05 4.05 4.49
ANZ Special - 3.55 3.55 3.99
ASB Bank 5.20 3.89 4.05 4.39
ASB Bank Special - 3.39 3.55 3.89
BNZ - Classic - 3.49 3.55 3.89
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 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 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.54 3.54 3.69
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.97 4.05 4.39
Kiwibank ▼5.15 4.20 4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.45 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 ▼4.45 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.39 ▲3.55 3.89
Sovereign 5.30 3.89 4.05 4.39
Sovereign Special - 3.39 3.55 3.89
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 4.19 4.35 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.39 3.55 3.89
Wairarapa Building Society ▼5.50 ▼3.95 ▼4.05 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.39 3.55 3.99
Median 5.34 3.97 4.05 4.39

Last updated: 21 January 2020 10:41am

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