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2 clusters · 29 sources · 15 days · First seen · Last updated

Westpac home loan activity and profit trends

Overview

Westpac has reported a 20% decrease in average monthly home loan applications between the May budget and the end of July. This decline follows government decisions to tighten tax concessions for property investors and the impact of higher interest rates. CFO Nathan Goonan suggested that the impact of interest rate hikes from the Reserve Bank of Australia may be equal to or greater than the impact of the budget changes.

Despite the slowdown in new lending, the bank reported an unaudited net profit of $1.8 billion for the June quarter, a slight increase over the average quarterly performance of the first half of 2026. The bank's net interest margin remained stable at 1.89%, and its common equity tier 1 capital ratio stands at 12.1%.

Westpac projects a moderation in housing credit growth. While the bank previously forecasted expansions of 4.7% in the current financial year and 5.2% in the following year, updated projections suggest total housing credit growth will moderate to 4.7% in 2027, down from 6.8% in 2026. Additionally, investor housing credit growth is expected to drop significantly from 9.1% this fiscal year to approximately 4.5% in 2027.

The bank's reported quarterly cash earnings of A$1.8 billion for the period ending June 30 represent a decrease from the A$1.9 billion recorded in the previous year. This downward trend contributed to a decline in Westpac's shares, weighing on the financials sub-index and causing losses for other major lenders, including Commonwealth Bank of Australia, ANZ, and National Australia Bank. While gains in mining stocks such as BHP Group and Rio Tinto provided some support to the S&P/ASX 200, investor focus has shifted toward upcoming Reserve Bank of Australia policy decisions.

Entities

Halifax · S&P/ASX 200 · BHP Group · Westpac Banking Corp · National Australia Bank

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

Timeline

  1. 1 day ago

    [BUSINESS] 29 sources
    Westpac banking update drags Australian shares lower

    Australian shares fell as Westpac reported a 20% drop in mortgage applications and warned of slowing investor credit growth following government tax changes.

  2. 15 days ago

    [BUSINESS] 2 sources
    Halifax cash‑withdrawal limits and Westpac home‑loan rate increase

    Halifax permits larger cash withdrawals in branch with ID requirements and plans a migration to Lloyds' digital platform. Westpac NZ hikes fixed home‑loan rates by up to 26 bps, leading other banks.

Sources

americanindependent.com · brisbanetimes.com.au · econoTimes.com · epochtimes.com · finanzen.at · finnewsnetwork.com.au · fool.com.au · interest.co.nz · katjaat.com · kfgo.com · m.smh.com.au · mix929.com · paparazzi.com.ar · perthnow.com.au · raskmedia.com.au · savings.com.au · sgsme.sg · sharecafe.com.au · smh.com.au · srnnews.com · stockhead.com.au · theage.com.au · thenightly.com.au · wdez.com · wixx.com · wsau.com · wtvbam.com · wvfm1065.com · wxerfm.com

This summary has been updated 4 times: see revision history