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ASB winning mortgage war

ASB Bank continues to be the stand-out winner among the major banks of the mortgage market war instigated by Bank of New Zealand.

Wednesday, December 14th 2005, 6:30AM

by Jenny Ruth

ASB's September quarter disclosure document shows its mortgage book grew $1.07 billion to $26.11 billion in the three months.

That took its market share to 23.54%, up from 23.37% at the end of June and 22.67% at the end of September last year, using Reserve Bank of New Zealand figures as a proxy for the market.

The growth doesn't appear to be at the expense of profitability which rose 19.1% to $106 million compared with the September quarter last year.

ANZ/National Bank's market share eased slightly during the quarter, although its mortgage book grew $1.22 billion to $38.4 billion.

That puts its market share at 34.62% at the end of September, down from 34.7% at the end of June and 35.24% at the end of September 2004.

ANZ's net profit rose 7.8% to $194 million in the September quarter compared with the same quarter last year.

Among the smaller banks, HSBC, like ANZ, continues to lose market share as a result of taking over the AMP mortgage book. Its mortgage book fell $31 million to $2.14 billion in the three months ended September, its market share easing to 1.93% from 2.02% at the end of June and 2.38% at the end of September last year.

However, HSBC's net profit jumped 33.2% to $6.76 million in the quarter compared with the September quarter last year.

The government's Kiwibank isn't too far off taking over from HSBC as New Zealand's fifth largest home-lending bank, having already overtaken TSB Bank.

Kiwibank's mortgage book grew $286.9 million to $1.81 billion in the September quarter, raising its market share to 1.63%, up from 1.42% at the end of June and 1.22% at the end of September last year.

Kiwibank's profitability isn't suffering any either: net profit jumped more than three-fold to $2.24 million in the latest quarter compared with the September quarter last year.

As previously reported, Westpac's market share at the end of September was 19.4% while TSB's was 1.28%. The other two home lending banks, BNZ and Superbank, have yet to release their September quarter disclosure documents.

« Lenders slow to hike ratesMike Pero independent directors says don't sell »

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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 ▲7.75 ▲6.65 ▲6.35 ▲5.99
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society ▼8.60 6.75 6.40 -
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 5.95 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 6.49 6.49 6.49
TSB Special 7.89 5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 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 6.10 6.09 5.69

Last updated: 20 November 2024 9:45am

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