Kiwibank, ASB lift mortgage market share, ANZ, Westpac lag

The Reserve Bank data has confirmed that Kiwibank is lending at more than twice the rate of its share of the mortgage market while ASB continues to make up for share lost in 2023.

Meanwhile both ANZ Bank NZ, the country’s largest bank, and Westpac continue to see their market share eroded.

The Reserve Bank’s latest bank financial strength dashboard data shows the government-owned Kiwibank accounted for 14.2% of all new bank mortgage lending in the December quarter with net new lending of $729.7 million and that it accounted for 16.9% of new lending for calendar 2024.

That took Kiwibank’s mortgage book to $28.29 billion, up $2.44 billion from a year earlier and took its share of the market to 7.8% from 7.4%.