Commonwealth Bank, Australia's biggest lender, says home loan demand is too high
Commonwealth Bank of Australia, the country's largest lender, believes demand for home loans is too high, pushing property prices up. CEO Matt Comyn stated that a lower level of housing credit growth would be better for long-term financial stability. The bank benefitted from the surge in housing credit growth, but a more sustainable rate is needed. The Australian Bureau of Statistics reported a 6.4% rise in new loan commitments in Q3. Comyn expects the cash rate to remain at 3.6% through 2026 due to high inflation.
Reuters·