Big four bank NAB’s mortgage applications tumble after Albanese government’s shake-up of tax rules
The fall is a further sign of a slow-down in Australia’s housing market and lingering concerns about the Albanese Government’s radical shake-up of property tax rules.
In a further sign of a slow-down in Australia’s housing market and lingering concerns about the Albanese Government’s radical shake-up of property tax rules, big four bank NAB has reported a 15 per cent fall in the number of mortgage applications over the past three months.
The value of those application also slumped 9 per cent between March and the end of June.
While Perth house prices remains resilient and are tipped to keep growing, the bigger Sydney and Melbourne markets continue to suffer.
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By continuing you agree to our Terms and Privacy Policy.The bank’s so-called “watch loans” increased by 8 per cent over the quarter, reflecting “current and potential impacts from a challenging environment”.
But in better signs for the overall economy, the bank’s business and private banking briefing on Thursday noted business lending balances increased by 4 per cent over the quarter, including the strongest June month since the 2022 financial year.
“Business and private banking has continued to perform well in a challenging economic environment,” said group executive B&PB, Andrew Auerbach.
“It’s pleasing to see the resilience of our business customers who continue to find opportunities to grow and innovate.”
More to come...
Originally published as NAB mortgage applications tumble in ‘challenging’ market
