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Westpac loaded up on home loans in the Dec Qtr after a quiet period

Westpac charged back into the mortgage market in the December quarter, lending a net $874.4 million in new housing loans after a quiet September quarter when it lent just $88.2 million in new housing loans, according to the Reserve Bank's bank financial strength dashboard.

Friday, March 1st 2024, 12:06PM

That made Westpac the second largest player in the market in the latest quarter behind only ANZ Bank NZ which lent a net $1.26 billion in new loans, although that was a pullback from $1.49 billion in the September quarter.

ANZ, the largest bank, was by far the biggest mortgage lender in calendar 2023 with a net $4.23 billion in new loans, well in front of the next largest lender, Bank of New Zealand with $2.77 billion. BNZ's new home loans in the December quarter were a net $652.8 million.

Westpac's net new mortgage lending for the year was $1.5 billion.

ANZ's market share grew from 30.31% to 30.47% over the year, Westpac's fell from 19.23% to 19.01% and BNZ's grew from 16.48% to 16.72%.

As we already knew from their first-half results released last month, the government-owned Kiwibank was a large presence in the market during the December quarter, while ASB's mortgage book went backwards for a second successive quarter.

Kiwibank was the third largest lender in the quarter with a net $737.1 million in net new loans, taking its net new mortgage lending to $1.74 billion for calendar 2023 and making it the third largest player for the year as well.

Kiwibank's market share by year's end was 7.4%, up from 7.14% a year earlier.

ASB's mortgage book shrank by $312 million in the December quarter after shrinking by $152.2 million in the June quarter.

For calendar year, ASB's book grew a meagre $146.4 million and its market share fell from 21.72% to 21.02%.

ASB's market share loss clearly reflected its decision to charge above-market interest rates.

Its current rates are much more “in the middle of the pack”, with its six-month rate of 7.39% matching the six-month rates of BNZ, Kiwibank, Westpac, TSB and Co-operative Bank, although above ANZ's 7.35%.

ASB's one-year fixed rate now is also 7.39%, matching TSB and ANZ but above Kiwibank's 7.35% and the 7.29% offered by BNZ, Co-operative Bank and Westpac.

Tags: Westpac

« Rising bank funding costs to put upward pressure on mortgage rates: RBNZPepper says HSBC acquisition integrated without need of more staff »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 12 June 2024 4:04pm

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