Kiwibank grows home loans at twice its market share

The government-owned Kiwibank lent on mortgages at the rate of more than twice its market share in the six months ended December.

Kiwibank’s on-balance sheet mortgage book grew to $29.7 billion at Dec 31, up by $1.4 billion from $27.8 billion at June 30 and up by $2.6 billion from $26.6 billion at the previous Dec 31.

Based on Reserve Bank data, Kiwibank’s market share of mortgages held by registered banks was 8% while its lending in the latest six months was 16.8% of all mortgage lending by registered banks.

In the year, Kiwibank’s mortgage lending accounted for 18.1% of all mortgage lending by registered banks.