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Mortgages

Mortgage Rates Daily Commentary
Friday 29 May 2020  Add your comment
Tough servicing tests remain; Westpac and TSB slash rates

Advisers have called on banks to lower servicing test rates as home loans plummet to record lows: [READ ON]

More rate cuts this morning. Westpac cuts two to five year special rates, reducing its three and six year loans by 60 basis points. 

TSB has cut its two year special by 20 basis points to 2.79%. Westpac and TSB's new rates are effective this morning. See all the latest market rates here.

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Westpac and BNZ grow mortgage books

Westpac and Bank of New Zealand produced buoyant profits and strong mortgage book growth in the September quarter.

Thursday, December 15th 2011, 6:29AM

by Jenny Ruth

Together with Kiwibank, they accounted for just about all the growth in mortgage lending in the quarter as four of the mortgage-lending banks, ANZ, ASB, HSBC and SBS, saw their mortgage books shrink.

Now all the banks' disclosure statements have been lodged, mortgage lending, as shown in all the loan-to-valuation ratio (LVR) tables, grew $762 million to $167.05 billion in the three months ended September.

Westpac's statement shows its mortgage book grew $309 million to $34.96 billion while BNZ's shows its book grew $305 million to $27.38 billion. As previously reported, Kiwibank's book grew $318 million to $10.95 billion while ANZ was the biggest loser, its book shrinking $162 million to $51.17 billion.

That put Westpac's share of mortgage lending by registered banks at September 30 at 20.93%, up from 20.84% at June 30, BNZ's at 16.39%, up from 16.28%, and ANZ's at 30.63%, down from 30.87%.

When ANZ took over National Bank in 2003, the two banks' combined share of the mortgage market was about 37.6% (although mortgage figures were reported on a different basis then).

ASB's market share fell to 22.39% from 22.5% during the quarter while Kiwibank's rose to 6.55% from 6.39%.

Westpac's net profit for the three months ended September 30 doubled to $146 million, largely because charges against profit for bad loans fell to $35 million from $100 million in the year-earlier quarter. Net interest income rose 17% to $365 million.

Westpac's profit for the year ended September was up 51.4% to $433 million.

BNZ's net profit jumped to $285 million from $26 million in the September quarter last year while its charges against profits for bad loans sank to $38 million from $52 million.

BNZ's profit for the year ended September rose 11.5% to $671 million.

For both banks, the majority of their charges against profit for bad loans came from business loans, $19 million in BNZ's case and $33 million in Westpac's.

« Interest rates on hold until at least the second half of 2012Kiwibank goes long »

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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 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 2.79 ▼2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.39 ▼3.29 ▼3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 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 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 4.40 2.95 2.95 3.69
Kainga Ora 4.43 ▼3.29 ▼3.39 ▼3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 ▼2.79 ▼2.95 ▼3.39
The Co-operative Bank - Standard 4.40 ▼3.29 ▼3.45 ▼3.89
TSB Bank 5.34 3.59 ▼3.59 4.19
TSB Special 4.54 2.79 ▼2.79 3.39
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 ▼2.69 ▼2.79
Median 4.55 3.32 3.39 3.69

Last updated: 28 May 2020 10:38am

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