Advisers originating fewer BNZ mortgages

Its results presentation pack shows that only 42% of its housing loans in the six months ended March were originated through advisers, down from 47.6% in the six months ended September and 46.8% in the six months ended March last year.

Adviser-originated mortgages now account for 38.9% of BNZ’s $62.1 billion mortgage book, up from 38% at Sept 30, when the book was worth $60.1 billion, and from 36.3% at March 31 last year, when the book was worth $58.8 billion.

BNZ said its home lending was up 5.6% in the latest six months from the same six months last year while deposits rose by $5.4 billion, or 6.8%.

The bank says that the growth in deposits was1.5 times the banking system growth, based on RBNZ data, while home lending growth was 3 times system.