Australia's Big-Four Banks Reporting Big Drop in Home-Loan Applications
Dow Jones
Aug 13
0503 GMT - Australia's big-four banks are reporting significant double-digit falls in home-loan applications since the federal government moved in May to change tax rules for property investment, making the sector less attractive. The drop in demand is underpinning forecasts for significant house-price falls over the next year. The Reserve Bank of Australia will have an eye on the situation, noting that falling house prices make consumers feel less wealthy, and hence likely to spend less. The situation has been deepened by the RBA's three interest-rate increases since the start of the year.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.