In what is turning out to be a very bad week for the bank, Westpac has allegedly been axed as the second major lender for the governments’ First Home Loan Deposit Scheme over reputational risk concerns.
The profitability of Australia’s major banks is under threat thanks to low interest rates, intense competition and open banking, according to a report from ratings agency Moody’s.
Australia’s most-talked-about property market, Sydney, looks to be heating up at the moment, with a 5% gain in median home values over the three months to 31 October 2019.
While the recent property downturn improved asking prices and serviceability, affordability in Sydney and Melbourne remains an issue due to high population growth.