Commonwealth Bank home loan applications fall 15pc since May
Australia's largest home lender, the Commonwealth Bank, has seen home loan applications tumble 15 per cent since May, after three interest rate hikes and the federal budget's tax changes.
The Commonwealth Bank (CBA) has reported a 15% decrease in home loan applications since May, attributed to three interest rate hikes and tax changes introduced in the federal budget. The bank's net profit surged 7% to $10.9 billion over the last financial year. CBA's chief executive, Matt Comyn, stated that the early effects of the housing market downturn were impacting the bank.
While owner-occupier applications declined by 9%, those from property investors plummeted 28% since the budget was introduced on May 12. The bank anticipates a relatively narrow range of 4-5% growth in mortgage credit for the year, despite recent volatility. Despite the downward trend, CBA remains the primary financial institution for one in three Australians and one in four Australian businesses.
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