As expected, the big 4 have totalled a profit of $15.7 billion for the first half of the year. They’re also set to rack up $792 million in extra interest over the next six months thanks to the recent home loan variable rate rises.
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Westpac has raked in more than $4 billion from cash earnings over the last six months, a 3% increase for the major bank, who announced the results to shareholders today.
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A new report on the Melbourne property market has highlighted the potential vulnerability of investors in the Victorian capital, with “record low” rental yields one of several factors that could cause future home loan repayment stress.
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Reserve Bank Governor Philip Lowe has weighed in on the national housing crisis just days before the Federal Government is due to release its 2017 budget, suggesting that high housing costs could continue to reinforce wealth inequality in Australia.
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NAB reported a cash profit of $3.29 billion today, with a net statutory profit of $2.55 billion, which bounced back from a loss of $1.74 billion in the March 2016 half year.
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The big four banks are set to make an estimated $1.7 billion in extra interest each year, or $4.6 million a day, thanks to recent out of cycle home loan rate rises according to Mozo data.
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ANZ announced a Cash Profit of $3.4 billion today, after hiking rates for interest-only lending by as much as 0.40% on Friday.
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It’s no surprise to hear that land prices in Sydney have risen almost 11% in 2016, but it’s not just homebuying hopefuls being affected - low income renters are also feeling pressures from high property prices as demand for rental properties outstrips supply.
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ANZ has announced changes to its fixed home loan products, which saw interest-only loan rates rise by as much as 0.40%, while principal and interest rates were slashed by up to 0.50%, effective today.
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Treasurer Scott Morrison has today indicated that the May 2017 Budget will have Australia’s growing housing affordability problem in mind.
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