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ASB made up for lost time with mortgage lending surge in Sept quarter

ASB Bank seemed to be trying to make up previous quarters' mortgage market share losses in the September quarter while the government's Kiwibank was the second biggest lender in the latest three months.

Wednesday, November 27th 2024, 7:52AM

ASB accounted for 32.3% of new mortgage lending in the September quarter with nearly $1.07 billion of net new lending, but its annual lending of $1.72 billion accounted for just 13.3% of total bank new mortgage lending, according to the Reserve Bank's bank financial strength dashboard data.

As TMM has reported previously, Matt Comyn, chief executive of ASB's parent, Commonwealth Bank of Australia, had complained last year about pressure on margins, particularly in the New Zealand market and it was clear that ASB hadn't been offering competitive mortgage rates.

Clearly, that's changed markedly and its surge in new lending in the latest quarter trimmed its annual market share loss to just 0.3 percentage points – it held 21% of the market at Sept 30, down from 21.3% a year earlier.

Kiwibank has been lending above its market share for some time and it lent $611.5 million in net new mortgages in the September quarter or nearly 18.5% of total new lending, taking its market share to nearly 7.7% at Sept 30 from below 7.3% a year earlier.

It lent $2.45 billion in the year ended September, making it the second largest mortgage lender in the year as well.

For the year ended September, the largest bank, ANZ Bank NZ, was the largest lender with $3.57 billion in net new mortgages but at 27.4% of total new lending, that was below its market share of 30.3%. It's new lending of $573.5 million in the September quarter accounted for just 17.3% of total new lending.

Bank of New Zealand grew its market share in the latest year with net new lending of $2.36 billion, or 18.1% of total new lending, taking its market share to 16.76% at Sept 30 from 16.71% a year earlier. BNZ's new lending in the September quarter of $512.9 million was 15.5% of new lending in the quarter.

The biggest market share loser through the year was Westpac, which accounted for $258.2 million of net new lending in the quarter, just 7.8% of the total, while its lending for the year of $1.94 billion accounted for 14.9% of total new lending.

That took Westpac's market share to 18.8% at Sept 30, down from 18.96% a year earlier.

Tags: ASB

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

Last updated: 5 December 2024 10:06am

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