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Westpac moves to cut turnaround times; OCR on hold

At the TMM Better Business Conference this week, Westpac unveiled plans to cut turnaround times and overhaul the mortgage approval process. Find out more: [READ ON].

The OCR was kept on hold yesterday, but wholesale interest rates shot up. No mortgage rate changes from the banks yet. Here's how market rates are shaping up.

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ANZ profits drop in half year results

Half year profits are down at New Zealand’s biggest bank, ANZ revealed today.

Tuesday, May 3rd 2016, 1:04PM

The bank’s New Zealand division posted an 11% decline in cash profit, which is the earnings measure that excludes non-core items.

Cash profit came in at $751 million for the six months to March 31.

This was down from $841 million cash profit in the same period last year.

Unaudited statutory profit was down 13% to $763 million, as compared to the same period last year.

While the bank’s net interest income grew by 5% to $1.49 billion, this was offset by the $87 million cost of a change to the ANZ Group’s accounting software.

This meant operating expenses increased by 10% to $815 million.

Once the cost of the software change was excluded, expenses were down 1% due to improved cost management and productivity gains.

Meanwhile, the bank’s lending was up 8% and its customer deposits were up 12%.

ANZ New Zealand CEO David Hisco said the rise in net interest income primarily reflected continued lending growth.

This was at a time when interest margins have contracted due to strong lending competition and there is a customer preference for fixed rate mortgages.

ANZ has maintained their momentum in a highly competitive market, Hisco said.

“We are building a stronger, more efficient business while delivering on our vision to help Kiwis get ahead in their lives.”

Tags: ANZ banks Lending

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
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 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
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 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 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 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
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 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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