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National Australia Bank reports profit rise amid cautious housing outlook
National Australia Bank (NAB) reported a third-quarter cash profit of $1.83 billion, a 4% increase from the previous year, driven largely by lower bad debt charges. Despite the profit rise, the bank issued a cautious outlook for the housing market, citing higher interest rates, recent federal tax changes, and geopolitical uncertainty as primary challenges for borrowers.
NAB expects housing credit growth to reach only 2.5% in FY27, a forecast significantly lower than its major competitors. The bank anticipates a contraction in investor lending of 1.4%, while owner-occupier lending is projected to grow by 4.5%.
This trend is mirrored across Australia’s major lenders. All four big banks have reported double-digit declines in mortgage applications. Specifically, Westpac saw a 20% decline, Commonwealth Bank (CBA) a 15% fall, and ANZ a 12% drop. Data from Equifax corroborates this slowdown, showing overall mortgage demand fell 16.4% in the year to July, with first-home buyer demand plunging 19.2%.
Entities
ANZ · ASX · Andrew Irvine · Australia · CommSec · Commonwealth Bank of Australia · Equifax · National Australia Bank · National Australia Bank Ltd · Rask Australia · Reserve Bank of Australia · Westpac
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] First-home buyer mortgage demand dropped 19.2% in the year to July. themarketonline.com.au · thenightly.com.au · thewest.com.au
- [● 4 SOURCES] NAB reported a third quarter cash profit of $1.83 billion, a 4% increase from the same period last year. themarketonline.com.au · www.perthnow.com.au · www.epochtimes.com · www.raskmedia.com.au
- [○ 1 SOURCE] ANZ reported a 12% decline in mortgage applications. themarketonline.com.au
- [○ 1 SOURCE] NAB expects overall housing credit growth to be 2.5% in FY27. themarketonline.com.au
- [○ 1 SOURCE] Westpac reported a 20% decline in mortgage applications. themarketonline.com.au
- [● 2 SOURCES] Commonwealth Bank reported a 15% fall in mortgage applications. themarketonline.com.au · internewscast.com
- [● 3 SOURCES] Overall mortgage demand fell 16.4% in the year to July. themarketonline.com.au · thenightly.com.au · thewest.com.au
- [● 3 SOURCES] NAB home loan applications fell 15% quarter-on-quarter in the June quarter. themarketonline.com.au · www.perthnow.com.au · www.epochtimes.com