Wanganui

Main Menu

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt

Wanganui

Wanganui

  • Creative Destruction
  • Tax Haven
  • Terminal Value
  • First Theorem Of Welfare Economics
  • Debt
Debt
Home›Debt›Australian NAB sees faster rise in housing demand, cuts fixed mortgage rates

Australian NAB sees faster rise in housing demand, cuts fixed mortgage rates

By Judy Grier
March 9, 2021
0
0

ADds executive comments on the housing market, background

February 22 (Reuters) – National Australia Bank Ltd NAB.AX said on Monday it saw a faster-than-usual increase in domestic housing market demand after Christmas and lowered some fixed mortgage rates.

NAB, which last week saw a rebound in quarterly profits from the previous two quarters and highlighted an improving economy, said it expects house prices in Australian capitals to rise. about 10% this year.

Housing demand in Australia is expected to benefit from record interest rates as the central bank pledged to keep borrowing costs low for several years and ease COVID-19 lockdowns in the country.

“We are seeing very strong demand in the housing market, with post-Christmas activity picking up much faster than usual. This happened despite the continued challenges presented by the pandemic, ”said Andy Kerr, director of homeownership, a unit of NAB.

“In recent months, mortgage loan applications have been at their highest level in several years, with buyers flocking to the market again after a quiet period during nationwide lockdowns,” Kerr said.

Australian home loan approvals jumped 8.6% in December from the previous month, according to official data this month, as house prices hit a record high.

Australia’s second-largest lender by market value said its fixed three- and four-year rates on home loan plans were now below 2%, while fixed rates on a 5-year loan package were down 55 points base at 2.29%. (https://nab.co/3dBnOI6)

(Reporting by Shashwat Awasthi in Bengaluru; editing by Vinay Dwivedi)

(([email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Related posts:

  1. Why JPMorgan Chase should donate $ 1 billion to Chicago’s black neighborhoods
  2. 64% of companies requesting PPP funds got money
  3. Disaster activist continues to help small businesses
  4. LendingClub agrees to acquire Radius Bancorp
Previous Article

Smallholder grants, money, assistance and resources

Next Article

Civil war of lenders pierces credit euphoria

  • Terms and Conditions
  • Privacy Policy