Kiwibank write $1 billion worth of home loans

Mortgage Rates

Its funding for the home loans comes from deposits which have also doubled, to now stand at $960.3 million.

The average mortgage balance was $133,395 and the average transaction account deposit was $2785, both up slightly.

Kiwibank is still a small player in the market overall. Its share of the mortgage market is about 1.15%, about 2% for deposits and over 5% for customers.

Customer numbers were increased by around 106,000 in the past year and now total 253,000.

Kiwibank yesterday reported an after-tax loss of $490,000 for the year to June, down from an $8 million loss the previous year and a maiden $10.1 million loss the year before.

Chief executive Sam Knowles says the bank had been in profit for the past three quarters.

The growth in its lending has lifted net interest income from $10.2 million to $22.4 million and banking fee income from $4.5 million to $20.6 million during the past year.

Kiwibank is now offering non-conforming home loans through Bluestone.

Keen for the best rate and some cash too?

We've teamed up with award winning mortgage experts, Squirrel.

With over 1,425 five star reviews on Shopper Approved, Squirrel has helped thousands of Kiwis just like you secure the best possible rate when refixing or refinancing. Squirrel often beats the advertised rates so it's worth getting them to review your mortgage.

shopper approved logofive star revews
R

Ryan

New Zealand

five star revews

The service I got from Squirrel was extremely efficient. They dealt with my loan so easily and achieved a result greater than what I was expecting.

J

Jo

New Zealand

five star revews

Highly recommend Squirrel to sort out a mortgage with the banks takes the hassle out of going to separate banks with so much information they do the hard yards for you - Baz was a superstar and helped me all the way to my new home.

Get a free mortgage review

All fields are required