In the September quarter, lending to people with a deposit of less than 20% fell to $49 million, down from $174 million in the June quarter.
The bank’s chief executive, Andrew Thorburn, had earlier said the bank had reduced its high-LVR lending to almost nothing in the wake of new LVR restrictions from the Reserve Bank.
From October 1, banks had to keep their new lending to borrowers with a deposit of less than 20% to no more than 10% of new lending.
BNZ’s September stats show it had already reduced its new high-LVR lending from about half its new lending to just 29% before the rules kicked in.
BNZ’s total mortgage lending fell to $170 million in the September quarter, from $371 million in the June quarter.
Westpac’s high-LVR lending also fell in the September quarter. At the end of the June quarter, it had $9.185 billion in high-LVR lending on its books. By the end of September, it had fallen to $9.14 billion.
ANZ’s September quarter GDS seems to show that lending to people with a deposit of less than 20% actually increased.
At the end of September,. 22.5% of the bank’s new lending was to people with an LVR of 80% or higher, up from just 3.2% the previous quarter.
The bank says the discrepancy is because it adjusted its June quarter accounts and overall the trend has been for declining high LVR lending. The bank is believed to have reclassified a number of mortgage borrowers, which resulted in them being accounted for in the GDS as new borrowing, when they were in fact existing customers.
At the end of September, ANZ had $6.751 billion in loans to people with LVRs of between 80% and 89%, and $3.939 billion in loans to people with equity of less than 10%.
