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Mortgages

Mortgage Rates Daily Commentary
Friday 1 November 2024  Add your comment
Rise in households struggling with mortgage repayments; RBNZ: house prices still near top of sustainable levels

Mortgage arrears continue to rise but are still low by historical levels. [READ ON]

The Reserve Bank says house prices remain near the top of its estimate of sustainable levels and remain “a stretch” for many would-be buyers. [See here]

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ASB continues its grip on home loan market

ASB Bank continued to be the major winner in the mortgage market in the June quarter, grabbing 35.9% of the $3.26 billion in net new mortgages written in the quarter.

Tuesday, October 12th 2004, 9:05PM

by Jenny Ruth

It’s latest disclosure document shows it had $20.9 billion in loans secured by residential mortgages at June 30, up from $19.77 billion three months earlier.

Using Reserve Bank figures on the size of the mortgage market, that gives ASB 22.6% of the market compared with 22.1% at the end of March.

ANZ Bank and National Bank continued to grow their combined mortgage books (they no longer provide figures for each bank) by $662 million to $33.02 billion, not as fast as the overall market. Their market share slipped from 36.2% at the end of March to 35.6% at the end of June.

v The only bank which didn’t grow its mortgage book in the June quarter was HSBC – its book fell marginally to $2.87 billion and its market share slipped from 3.2% to 3.1%.

HSBC’s mortgage has shrunk each quarter since it bought AMP’s mortgage book from March 31, 2003 but the latest figures suggest its position is stabilising.

Bank of New Zealand anti-mortgage broker campaign doesn’t appear to be hurting its market position any. Its mortgage book grew $676 million to $14.83 billion at the end of June, boosting its market share from 15.8% at the end of March to 16%.

Westpac’s market share remained rock steady at 20.5% (its mortgage book growing from $17.49 billion to $18.16 billion in the quarter) as did TSB Bank’s at 1.3% (its mortgage book growing from $1.19 billion to $1.23 billion in the quarter).

Kiwibank’s mortgage book continues to grow faster than the market, its market share edging up from 0.99% at the end of March to 1.1% at the end of June. But to put that in context, its entire $1.02 billion mortgage book is less than the $1.17 billion ASB added to its book in the quarter.

The Reserve Bank figures show the overall market grew 3.6% in the June quarter and by 16.5%, or $13.1 billion, in the year ended June.

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
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 - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 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 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

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