Westpac Reports 20% Drop in Mortgage Applications After Australia’s Tax Changes

Westpac Bank Reports 20 Percent Drop in Mortgage Applications After Budget

Lending for homes is moderating as consumers battle cost-of-living pressures and high interest rates, Australia’s second-largest bank says. Westpac on Aug. 10 reported results for its third quarter, which included the May federal budget announcements outlining changes to capital gains tax concessions and negative gearing restrictions. An undersupply of housing, combined with population growth, was expected to partially offset the impact of highe…

Mortgage applications fall by 20 per cent since budget, Westpac claims

Westpac claims mortgage applications have fallen by 20 per cent since Labor's controversial property tax reforms in May.

Westpac reports 20% drop in mortgage applications after Australia's tax changes

Major bank sees drop off in housing loans after budget

Federal Labor policy changes for capital gains tax concessions and negative gearing appear to have prompted a decline in mortgage applications, a bank says.

Westpac says home loan applications down 20% since budget

Westpac is the latest bank to report a sharp decline in home loan applications since the government’s curbing of tax concessions for property investors.

Westpac mortgage applications plunge 20pc after budget, rate hikes

The bank, which reported a $1.8 billion quarterly profit, expects growth in investor demand for housing credit to more than halve over the next two years.