National Australia BankPrivate▼ Negative
Demandrelevance
Rival NAB reported a 15% fall in mortgage applications, indicating weaker housing loan demand.
Westpac Reports 20% Drop in Mortgage Applications as Tax Changes Widen Decline
EarningsMacro
Australia's Westpac Banking Corporation has revealed that mortgage applications fell 20% year-on-year due to tax changes introduced by the Labor government. This marks a doubling of the decline from the 10% drop reported immediately after the government's tax change announcement. The bank also forecast that overall housing loan growth will slow to 4.7% next year from 6.8% this year, while growth in investor housing loans will halve to 4.5% from 9.1%. Rival National Australia Bank also said last month that mortgage applications fell 15% over the past three months. Westpac's cash earnings for the quarter ending June 30 were 1.8 billion Australian dollars, down from 1.9 billion Australian dollars a year earlier.
Rival NAB reported a 15% fall in mortgage applications, indicating weaker housing loan demand.