NAB Sees Home Loan Applications Fall 15%
Synopsis
The lender said June-quarter home lending applications dropped as borrowing demand cooled.
Key Highlights
- NAB Australia reported a 15% decline in Australian home lending applications in the June quarter.
- Business and Private Banking balances increased 4%.
- NAB will issue its quarterly trading update on 17 August.
National Australia Bank (NAB) has flagged a 15% drop in Australian home lending applications in the June quarter compared to the prior three-month period.
Business and Private Banking Performance
The bank reported 4% growth in Business and Private Banking lending balances on Thursday from year lows all through June; it said this represented the strongest month of June since FY22.
The Business and Private Banking deposit balances increased 1%, consistent with seasonal trends, and were driven by a 3% increase in at-call deposits. The division posted a 2% rise in home lending balances but the value of home lending applications fell short by 9% from the previous quarter.
NAB will release its third-quarter trading update on 17 August.
The division had continued to perform well in a challenging economic climate, Business and Private Banking Group Executive Andrew Auerbach said. Auerbach said, “It’s encouraging to see the resilience of our business customers who continue to find ways to grow and innovate.”
Source: Capital Brief
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