RBA Assistant Gov Kent speech on Securitisation and the Housing Market noted the ongoing decline in investor credit growth and an easing in owner-occupied credit growth along with the fall in housing prices, notes the research team at TD Securities.
Key Quotes
“He suggested that as a result of weakness in credit demand, banks were competing to provide loans to high-quality borrowers which led to a modest broad-based decline in outstanding mortgage rates over the year.”
“On the other hand, RBA Gov Lowe speech in Sydney about cashless payments system had little to offer for the market.”
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