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Westpac's Dec Qtr profit surges but mortgage lending slows to a trickle

The loan-to-valuation ratio table in the bank's latest disclosure statement shows its mortgage book grew just $29 million to $35 billion in the three months ended December.

Thursday, March 1st 2012, 5:05PM

by Jenny Ruth

Using Reserve Bank figures as a proxy for lending by registered banks in the December quarter, that suggests its share of the mortgage market eased to 20.55% at December 31 from 20.69% at September 30.

The December quarter growth was well down on the $309 million growth in mortgage lending Westpac reported in the September quarter and the $347 million growth in the June quarter. Westpac began reporting its LVR figures in their current form in March last year when its mortgage book stood at $34.30 billion.

Backing up reports from other banks and mortgage brokers, Westpac's figures suggest its recent lending has been at the riskier end of the spectrum.

Its loans with LVRs below 80% fell by $114 million to $26.37 billion in the December quarter from the September quarter.

Meanwhile, its loans with LVRs above 80% but below 90% grew by $72 million to $5.49 billion and its loans with LVRs above 90% grew by $71 million to $3.14 billion.

Westpac's net profit for the three months ended December 31 jumped 52.6% to $145 million. That reflected an 11% rise in net interest income to $343 million and a 16.2% increased in non-interest income including fees and commissions.

It also reflected a drop in charges against profit for bad loans to $28 million compared to $57 million in the December quarter of 2010.

 

« ANZ's mortgage book continues to shrinkASB's mortgage book shrinks for a seventh successive quarter »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.44 - - -
AIA - Go Home Loans 6.54 4.89 4.95 5.09
ANZ 6.49 5.55 5.55 5.69
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 4.95 4.95 5.09
ASB Bank 6.44 4.89 4.95 5.09
ASB Better Homes Top Up - - - 1.00
Avanti Finance - Near Prime 6.90 - - -
Avanti Finance - Specialised 8.34 - - -
Basecorp Finance 7.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 5.99 5.69 5.69
BNZ - Mortgage One 6.54 - - -
BNZ - Rapid Repay 6.54 - - -
BNZ - Std 6.44 4.89 4.95 5.09
BNZ - TotalMoney 6.54 - - -
CFML 321 Loans 4.99 - - -
CFML Home Loans 6.70 - - -
CFML Prime Loans 7.20 - - -
CFML Standard Loans 7.99 - - -
China Construction Bank 6.44 4.85 4.95 4.95
China Construction Bank Special 6.44 5.85 5.95 5.95
Lender Flt 1yr 2yr 3yr
Co-operative Bank - First Home Special - 4.85 - -
Co-operative Bank - Owner Occ 5.95 4.95 4.99 5.25
Co-operative Bank - Standard 5.95 5.45 5.49 5.75
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.29 5.19 -
First Credit Union Standard 6.94 5.79 5.49 -
Heartland Bank - Online 5.99 5.89 - -
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 7.45 5.90 5.80 -
ICBC 6.50 4.85 4.95 5.05
Kainga Ora 6.44 4.89 4.95 5.09
Lender Flt 1yr 2yr 3yr
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 6.35 5.79 5.85 5.95
Kiwibank - Offset 6.35 - - -
Kiwibank Special - 4.89 4.95 5.15
Liberty 6.90 6.80 6.50 6.45
Nelson Building Society 6.94 4.99 4.93 -
Pepper Money Near Prime 6.85 - - -
Pepper Money Prime 6.29 - - -
Pepper Money Specialist 8.30 - - -
SBS Bank 6.49 5.49 5.55 5.69
SBS Bank Special - 4.89 4.95 5.09
Lender Flt 1yr 2yr 3yr
SBS Construction lending for FHB 3.94 - - -
SBS FirstHome Combo - 4.29 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 8.64 - - -
TSB Bank 7.19 5.69 5.75 6.09
TSB Special 6.39 4.89 4.95 5.29
Unity First Home Buyer special - 4.29 - -
Unity Special 6.64 4.99 4.99 -
Unity Standard 6.64 5.79 5.79 -
Wairarapa Building Society 6.75 5.09 4.95 -
Westpac 6.59 5.49 5.55 5.59
Lender Flt 1yr 2yr 3yr
Westpac Choices Everyday 6.69 - - -
Westpac Offset 6.59 - - -
Westpac Special - ▲6.99 ▲6.45 ▲6.09
Median 6.56 5.04 5.09 5.25

Last updated: 10 July 2025 4:59pm

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