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Non-bank mortgage lending soars in 2018

Non-bank mortgage lending volumes jumped by more than $500 million last year, according to newly-released data, which underlines the growing prominence of alternative lenders.

Friday, February 1st 2019, 8:55AM

Data from the Reserve Bank shows New Zealand non-bank mortgage lending hit $2.70 billion in December, up from $2.17 billion in January, as borrowers seek alternative mortgage financing in the face of tightening from the big banks.

Non-bank mortgage volumes are at their highest levels since April 2012, when non-banks had $2.74 billion in mortgage volumes. It comes after a year of resurgence which has seen the likes of Bluestone come back into the market and others, such as Resimac, expand their product offering for borrowers.

Non-banks account for just a slither of total mortgages in New Zealand, however. Total mortgage lending hit $258.6 billion, with registered banks making up $255 billion of that number.

Nevertheless, the figures show non-banks have made a solid comeback since the aftermath of the financial crisis, when many pulled out of New Zealand or went out of business. 

Non-banks are set to continue their charm offensive with mortgage advisers this year. Advisers are frustrated with tough servicing tests, restrictions on interest-only lending, and harsh treatment of investors with large portfolios, and have begun to view non-banks as a credible alternative.

New Zealand's biggest non-banks have joined up to raise awareness about their products, hosting road shows across the country. Nine non-banks, Avanti, Bluestone, First Mortgage Trust, Heartland, Liberty, NZCU Baywide, Resimac, Southern Cross Partners, and Spotcap, are bringing their "speed dating format" to Hamilton on February 26, and Christchurch on February 28.

 

Tags: non-bank lenders risk management

« Interest-only lending contained: CoreLogicCapital Group takes control of First Mortgage Trust »

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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 ▲8.15 ▲6.79 ▲6.45 ▲6.29
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 ▼8.10 ▼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 6.24 6.09 5.69

Last updated: 1 November 2024 2:24pm

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