Mortgage applications tumble after rate hikes, oil shock and tax changes, says CBA | The Business

By ABC News (Australia)

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The boss of Australia's biggest home lender, the Commonwealth Bank says home loan applications peaked in October last year and have been softening since the start of this year. CBA has reported a 15 per cent decline in mortgage applications since the federal budget in May. Matt Comyn says he thinks the slump is due to a combination of factors, including affordability, interest rate rises, global uncertainty including the oil shock in the Middle East and the tax changes announced in the federal budget. He said, "I think it's understandable that people took a step back from the market to see what that meant." Mr Comyn said while house prices had softened, CBA expects two rate cuts next year, and he thinks that will bring buyers back into the property market. He also signalled a potential mortgage war could be on the horizon. He spoke to Alicia Barry about a range of issues including lending rates, data centre lending, profits, and AI, including his usage of artificial intelligence

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