National Australia Bank flags a 15% slide in Australian home lending applications for the June quarter compared to the prior three months. The bank’s business and private banking arm still posts growth, creating a split picture between demand for new loans and existing customer activity.
In a Thursday briefing on its business and private banking division, NAB outlines that lending balances in this unit rose 4% in the June quarter, supported by the strongest June month since FY22. Deposit balances across the division increased 1%, which NAB links to usual seasonal patterns.
At-call deposits, seen as more flexible customer funds, climbed a stronger 3% over the same period.
Home lending within the business and private banking unit also expanded, with balances up 2% quarter-on-quarter. However, the value of new home lending applications in this division was 9% lower than the previous quarter.
The 9% fall in this division reinforces the broader 15% decline NAB reports for Australian home loan applications overall. Existing mortgages continue to grow on the bank’s books, even as fewer customers apply for new loans.
