Misc

Banks earn about $610 profit for each person in NZ

Last year registered banks in New Zealand made about $610 profit from every man, woman, and child in the country - thanks in part to the real estate boom.

Thursday, May 06th 2004

KPMG's financial institutions performance survey for 2003 found that registered banks posted a collective net profit after tax of $2.45 billion, compared with $2.74 billion in 2002...

Mr Dinsdale noted that lending in the registered bank sector increased by $9.7 billion, or nearly 14 per cent.

"Lending for mortgages over residential property still dominates our analysis of lending," Mr Dinsdale said.

"At 51 per cent of total lending, it is up from 49 per cent in 2002 and consistent with the continuing boom in the real estate market," he said in a statement.

Real Estate Institute of New Zealand figures showed median house prices increased 19 per cent to $240,500 in the 12 months to March 2004.

The property boom - fuelled by low mortgage interest rates and strong net migration - had flattened in early 2004.

"In spite of the fact that rising prices are making first home purchases more difficult, it would appear from the lending statistics that the great Kiwi tradition of owning you own house continues unchecked," Mr Dinsdale said.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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