As home loan applications drop, the big four banks face a growing challenge from Macquarie

Over the past week, all four of Australia’s biggest banks have reported falls of between 12% to 20% in new home loan applications since the May federal budget. After announcing it would keep interest rates on hold, the Reserve Bank confirmed demand for new home loans has “declined noticeably”. For anyone currently in the market for a new or refinanced home loan, that’s good to know – because banks are now competing even harder to win customers. The big four’s dominance is waning Since the…