Westpac's mortgage lending slowed in the second half

Mortgage lending growth eased to a 3% annual pace from the 5% pace set in the first half with the mortgage book growing to $65.8 billion, up $600 million from the first half when it added $1.4 billion to the book.

Overall lending grew at 3% for the year, down from the 4% pace in the first half.

Westpac's annual net profit fell 18% as its operating expenses and charges for bad debts jumped and as mortgage lending slowed in the second half.

The NZ subsidiary says it has been proactive in supporting customers “in challenging times,” and contacted more than 88,000 customers who were due to roll on to significantly higher fixed home loan rates “to help them understand their options.”