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Mortgages

Mortgage Rates Daily Commentary
Thursday 26 March 2020  Add your comment
HSBC's sub 3% rate; Advisers deal with client turmoil

HSBC has become the second bank after Heartland to offer a sub 3% rate, launching a new 18 month and one year loan rate at 2.95%: [READ ON]

Check out the latest market rates here.

Advisers say clients are asking for debt consolidation, moves to interest-only lending, and mortgage holidays, as the Covid-19 financial crisis takes hold: [READ ON]

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Kiwibank's profit surged and mortgage book growth accelerated in Sept

The government-owned Kiwibank's profit surged and growth in its mortgage book accelerated in the September quarter.

Friday, November 25th 2011, 10:44AM

by Jenny Ruth

Kiwibank, which doesn't want to comment on a quarterly result, reported a $17.6 million net profit for the three months ended September, more than double the $8.7 million in reported for the September quarter last year.

The latest quarter's profit compares with the Christchurch quake-hit $21.2 million net profit the bank reported for the year ended June.

Kiwibank's latest disclosure document shows net interest income rose 38.1% to $59.9 million in the September quarter while charges against profit for bad loans fell to $7.9 million from $9.5 million.

The document's loan-to-valuation ratio (LVR) table, the measure GoodReturns now uses because all the banks are now reporting it on the same basis, shows Kiwibank's mortgage book grew $318 million in the September quarter to $10.95 billion, up from the $305.4 million growth in the June quarter, $245 million in the March quarter and $194 million in the December quarter last year.

Using Reserve Bank figures as a proxy for the market, mortgage lending by registered banks grew by $577 million to $168.98 billion in the June quarter.

If the central bank's figures match those disclosed in all the banks' disclosure documents - Kiwibank is the third bank to have lodged its September document so far - that would put Kiwibank's market share at 6.5% and it would have accounted for 55.1% of new mortgage lending in the three months.

The LVR table shows 81.4% of Kiwibank's book had LVRs below 80% while 4.3%, or $465.4 million, had LVRs above 90% and $403 million of those loans were government-backed Welcome Home Loans.

« TSB lifts Sept Qtr profit, grows mortgage bookThe pros and cons of NZF's deal »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA ▼4.55 ▼3.55 3.89 3.99
AIA Special - ▼3.05 3.39 3.69
ANZ 4.44 3.55 3.85 4.49
ANZ Special - 3.05 3.35 3.99
ASB Bank 4.45 ▼3.55 3.89 3.99
ASB Bank Special - ▼3.05 3.39 3.69
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - ▼3.09 ▼3.35 3.69
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.75 ▼4.10 4.55
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - ▼3.15 ▼3.15 3.19
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 ▼3.95 ▼2.89 ▼2.97 ▼3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 ▼2.95 ▼3.09 ▼3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 3.94 4.08 4.39
Kiwibank 4.40 3.84 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 3.09 3.39 3.65
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
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 4.54 4.85 5.05 5.49
SBS Bank Special - ▼3.09 ▼3.39 ▼3.69
The Co-operative Bank - Owner Occ 4.40 ▼3.25 ▼3.45 ▼3.69
The Co-operative Bank - Standard 4.40 ▼3.75 ▼3.85 ▼4.19
Lender Flt 1yr 2yr 3yr
TSB Bank 5.34 ▼3.89 ▼4.15 ▼4.49
TSB Special 4.54 ▼3.09 ▼3.35 ▼3.69
Wairarapa Building Society 4.99 3.95 ▼3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼3.09 ▼3.39 3.69
Median 4.60 3.65 3.89 3.99

Last updated: 27 March 2020 3:09pm

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