Kiwi, BNZ and ASB gained mortgage market share in June qtr

The Reserve Bank’s bank financial strength dashboard shows Kiwibank lent a net $626 million on new mortgages in the three months ended June, 11.2% of total net new bank lending on mortgages in the quarter, compared with its market share at June 30 of 7.89%.

At June 30, 1% of the market was worth $3.74 billion and Kiwibank’s market share has climbed from nearly 7.6% in June 2024.

In the year ended June 30, Kiwibank’s net mortgage lending rose by $2.53 billion, accounting for nearly 13.7% of total net new bank lending on mortgages in the 12 months.

That eclipsed Westpac’s $2.48 billion of net new mortgage lending in the latest year, although Westpac lent more in the June quarter at $717.7 million.