ANL 36.00 Decreased By ▼ -0.55 (-1.5%)
ASC 14.70 Decreased By ▼ -0.10 (-0.68%)
ASL 25.70 Decreased By ▼ -0.40 (-1.53%)
AVN 89.50 Decreased By ▼ -1.40 (-1.54%)
BOP 7.74 Decreased By ▼ -0.06 (-0.77%)
BYCO 10.08 Decreased By ▼ -0.13 (-1.27%)
DGKC 123.80 Decreased By ▼ -1.40 (-1.12%)
EPCL 58.15 Increased By ▲ 0.65 (1.13%)
FCCL 24.05 Decreased By ▼ -0.30 (-1.23%)
FFBL 29.15 Increased By ▲ 0.35 (1.22%)
FFL 15.75 Decreased By ▼ -0.30 (-1.87%)
HASCOL 9.65 Decreased By ▼ -0.14 (-1.43%)
HUBC 78.75 Decreased By ▼ -0.25 (-0.32%)
HUMNL 6.44 Decreased By ▼ -0.33 (-4.87%)
JSCL 21.20 Decreased By ▼ -0.61 (-2.8%)
KAPCO 39.90 Decreased By ▼ -0.20 (-0.5%)
KEL 3.78 Decreased By ▼ -0.05 (-1.31%)
LOTCHEM 16.68 Increased By ▲ 0.07 (0.42%)
MLCF 46.31 Decreased By ▼ -0.84 (-1.78%)
PAEL 35.65 Increased By ▲ 0.42 (1.19%)
PIBTL 10.22 Decreased By ▼ -0.13 (-1.26%)
POWER 9.19 Decreased By ▼ -0.06 (-0.65%)
PPL 86.23 Increased By ▲ 0.21 (0.24%)
PRL 24.90 Decreased By ▼ -0.42 (-1.66%)
PTC 9.91 Decreased By ▼ -0.10 (-1%)
SILK 1.24 No Change ▼ 0.00 (0%)
SNGP 42.00 Decreased By ▼ -0.05 (-0.12%)
TRG 163.30 Decreased By ▼ -1.45 (-0.88%)
UNITY 30.38 Decreased By ▼ -0.38 (-1.24%)
WTL 1.54 Increased By ▲ 0.06 (4.05%)
BR100 4,862 Decreased By ▼ -11.22 (-0.23%)
BR30 25,689 Decreased By ▼ -158.39 (-0.61%)
KSE100 45,230 Decreased By ▼ -81.04 (-0.18%)
KSE30 18,510 Decreased By ▼ -34.78 (-0.19%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,872
11824hr
Pakistan Cases
739,818
539524hr
Sindh
270,310
Punjab
258,441
Balochistan
20,580
Islamabad
68,066
KPK
102,290
Markets

Australia's NAB sees faster uptick in housing demand, cuts fixed home loan rates

  • Australian home loan approvals surged 8.6% in December from a month earlier, official data showed this month, while housing prices jumped to a record high.
22 Feb 2021

National Australia Bank Ltd said on Monday it had seen a quicker-than-usual uptick in domestic housing market demand after Christmas, and lowered some fixed home loan rates.

NAB, which last week posted a pick up in quarterly profit from the previous two quarters and pointed to an improving economy, said it expects house prices in Australia's capital cities to rise by about 10% this year.

Demand for houses in Australia is expected to benefit from record-low interest rates as the central bank has pledged to keep borrowing costs low for several years, and from easing COVID-19 lockdowns in the country.

"We're seeing very strong demand in the housing market with activity post-Christmas picking up much more quickly than usual. This has come despite the ongoing challenges presented through the pandemic," said Andy Kerr, executive, Home Ownership, a unit of NAB.

"For the past few months home lending applications have been at their highest level in several years as buyers flock back into the market after a quiet period through the nationwide lockdowns," Kerr said.

Australian home loan approvals surged 8.6% in December from a month earlier, official data showed this month, while housing prices jumped to a record high.

Australia's No.2 lender by market value said its three- and four-year fixed rates on home loan plans were now below 2%, while fixed rates on a 5-year loan package were down by 55 basis points to 2.29%.