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Australia scraps responsible lending laws — advisers react

The Australian government has axed responsible lending laws in "the most significant reforms to Australia's credit framework in a decade": [READ ON]

Kiwi mortgage advisers are hopeful that Australia's move to scrap responsible lending rules will lead to changes here: [READ ON]

Is it time for NZ to look at its Responsible Lending Code? Let me know what you think: daniel@tarawera.co.nz

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TSB lifts Sept Qtr profit, grows mortgage book

TSB Bank's net profit rose 12.7% in the September quarter despite a jump in charges against profit for bad loans and its mortgage book grew faster than its market share.

Thursday, November 24th 2011, 6:40AM 1 Comment

 


The community-owned bank's September quarter disclosure document shows net profit rose to $11.9 million in the three months ended September, up from $10.6 million in the same quarter last year.

While charges against profit for bad loans jumped to $1.4 million from $0.5 million in the year-earlier quarter, that was offset by a 43% jump in other operating income, including commission from TSB Realty and TSB Foreign Exchange, to $4.4 million.

TSB's mortgage book grew by $36.3 million to $2.42 billion in the three months ended September.

Using Reserve Bank figures as a proxy for the market, TSB accounted for 6.3% of all net new mortgages written by registered banks in the quarter although its market share was 1.44%, up from 1.42% at the end of June.

Of TSB's mortgage book, 80.4% had loan-to-valuation ratios (LVRs) of 80% or less while 12.1% had LVRs above 90%. Most of the latter are government-backed Welcome Home Loans.

« ASB's mortgage book shrinks for a sixth successive quarterKiwibank's profit surged and mortgage book growth accelerated in Sept »

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Comments from our readers

On 25 November 2011 at 10:30 am DFA said:
Not sure how they can write home loans when they are not a QFE - or is the FMA turning a blind eye to their bank officers giving home loan and personal risk insurance advice.
Commenting is closed

 

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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 3.15 3.25 3.39
ANZ Special - 2.55 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 - - - -
Heretaunga Building Society 4.99 3.85 3.95 -
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
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
SBS Bank 4.54 3.05 3.19 3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.55 2.69 2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.79
The Co-operative Bank - Standard 4.40 3.05 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 3.15 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.00 3.13 3.02

Last updated: 21 September 2020 10:48am

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