Complete analysis of New Zealand's $47.2 billion business lending market. Industry trends, market share, and 2025-2026 predictions.
Total Market Size
YoY Growth
Average Interest Rate
Non-Bank Market Share
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All commercial lending across NZ
Small-medium enterprise focus
Corporate and institutional
NZ business lending market showing signs of maturation:
The biggest story of 2024: non-bank lenders crossed the 47% market share threshold, fundamentally changing the competitive landscape.
| Bank | 2024 Market Share | 2023 Share | Change | Loan Book Size | Strategy Focus |
|---|---|---|---|---|---|
| ANZ | 23.1% | 25.3% | -2.2% | $10.9B | Large commercial focus |
| ASB | 19.8% | 21.1% | -1.3% | $9.3B | Digital platform advantage |
| Westpac | 16.4% | 17.9% | -1.5% | $7.7B | Relationship banking |
| BNZ | 13.7% | 14.8% | -1.1% | $6.5B | Industry specialization |
| Big 4 Total | 73.0% | 79.1% | -6.1% | $34.4B | Defensive strategies |
| Lender | 2024 Share | Growth | Loan Book | Competitive Advantage |
|---|---|---|---|---|
| Scottish Pacific | 8.2% | +1.8% | $3.9B | Asset-based lending expertise |
| Flexi Group | 4.1% | +0.9% | $1.9B | Flexible approval criteria |
| UDC Finance | 3.7% | +0.6% | $1.7B | Equipment finance focus |
| Alternative Lenders | 4.8% | +2.1% | $2.3B | Speed and technology |
| Other Non-Banks | 6.2% | +0.7% | $2.9B | Niche specialization |
| Non-Bank Total | 27.0% | +6.1% | $12.8B | Aggressive growth |
OCR increased from 0.25% to 5.5%, business loan rates followed upward
Business loan rates peaked at 11.2% average across all lenders
Rates stabilized around 8.7% average, early signs of decline
Q2 2025 Predicted Average
End 2025 Target
2026 Stabilization
Key Factor: Rate decreases depend on RBNZ policy, inflation control, and international economic conditions.
Lending growth and rates differ significantly by industry, reflecting risk perceptions and economic performance.
| Industry Sector | Market Share | 2024 Growth | Avg Rate | Default Rate | Outlook |
|---|---|---|---|---|---|
| Construction | 18.7% | +24.3% | 9.1% | 2.8% | Strong |
| Manufacturing | 16.2% | +11.7% | 8.3% | 1.9% | Stable |
| Agriculture | 14.1% | +8.2% | 7.6% | 2.1% | Stable |
| Retail & Hospitality | 12.4% | +19.6% | 10.2% | 4.7% | Recovering |
| Professional Services | 11.8% | +7.3% | 8.9% | 1.4% | Strong |
| Technology | 9.3% | +31.2% | 11.7% | 3.6% | High Growth |
| Transport & Logistics | 8.9% | +14.1% | 9.4% | 2.3% | Strong |
| Healthcare | 5.2% | +6.8% | 7.9% | 1.1% | Stable |
| Other | 3.4% | +9.7% | 9.8% | 3.2% | Mixed |
2025 Total Market
2026 Projection
Growth slowing to 8-10% annually as market matures
2025 Average Rate
2026 Target Rate
Dependent on RBNZ policy and inflation control
Non-Bank Share 2025
Non-Bank Share 2026
Continued market share capture from banks
January 2024 - December 2024
5-year trend analysis (2020-2024)
2025-2026 predictions
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