Westpac Banking Flags Decline in Average Monthly Mortgage Application Volumes; Shares Down 5%

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Westpac Banking Flags Decline in Average Monthly Mortgage Application Volumes; Shares Down 5%

MT Newswires Live10:19

Westpac Banking (ASX:WBC, NZE:WBC) said its average monthly mortgage applications fell 20% between May 15 and the end of July following the Australian government's changes to property tax policy, according to a Monday filing with the Australian bourse.

The bank's average monthly volume of mortgage applications declined 11% from the fiscal second quarter to hit 29,000 in the fiscal third quarter.

Westpac expects housing credit growth to moderate to 4.7% in fiscal 2027 from 6.8% fiscal 2026 before recovering to 5.2% in fiscal 2028, per the filing.

The company also flagged a marginal slowdown in consumer spending since the eruption of the Middle East conflict.

Westpac's Australian and New Zealand shares each fell nearly 5% in recent Monday trade.

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