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Analysts at TD Securities note that Australia’s July home loans came at +0.4%/m for once reflecting the ABA Banker’s survey, and so surpassing market expectations (TD flat, mkt -0.1%).
Key Quotes
“The post-macro prudential tool trend continues, with investment lending -1.3%/m but owner-occupiers +1.3%/m. Affordability is improving and bringing back price-conscious buyers, hence why finance can increase while prices ease.”
“We are still waiting on the final major bank to lift its LVR rate. If NAB hike +15bps their published SVR rate will be the highest of the majors. Hence, TD leans towards +14bps (or less). A surprise now would be no move.”
This article was originally published by Fxstreet.com. Read the original article here.