Westpac’s new home loan applications plummeted 20% post-May budget as tax incentives for property investors shifted, yet the bank’s profits surged to $1.8 billion — up from prior quarters. While households feel squeezed by rising costs, businesses keep lending, and Westpac’s CEO notes customer resilience. Despite fewer new applications, housing credit is still projected to grow 4.7% this year and even more next — signaling a complex but resilient market.
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