Budget Bites: A Chill Wind for Australia's Housing Market? Westpac, the country's second largest mortgage lender, has reported a significant drop in home loan applications since the federal budget was announced in May.
The bank's data shows that average monthly mortgage applications have decreased by 20% compared to the same period last year.
The housing market has been slowing down for months, and this latest data point suggests that the government's changes to tax concessions for property investors are having a tangible impact on buyers.