Westpac says home loan applications down 20% since budget
Westpac reported a 20% decline in new home loan applications since the May budget, citing government tax changes for property investors and rising interest rates. Despite the slowdown in lending, the bank reported a quarterly profit of $1.8 billion.
Why it matters
The data provides insight into the cooling Australian housing market and the impact of fiscal policy on major financial institutions.
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Share A A A Westpac says new home loan applications have fallen 20 per cent since the May budget, when the government announced a tightening of tax concessions for property investors, as the banking giant’s profits moved higher.
The nation’s second-largest mortgage lender on Monday reported an unaudited net profit of $1.8 billion for the June quarter, up 3 per cent on the quarterly average for the March half.
Westpac reported mortgage applications had fallen 20 per cent since the budget. Getty As the housing market slows, Westpac said the number of average monthly mortgage applications had fallen 20 per cent between the May budget and the end of July .
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