Geared down
Westpac, Macquarie stop factoring negative gearing into investor loans.
Good morning.
The budget’s impact on property is moving fast. Capital Brief confirmed Westpac and Macquarie have already stopped factoring negative gearing into investor serviceability calculations, with some investors finding their borrowing capacity cut by more than a third overnight.
Meanwhile, over the weekend Sydney’s preliminary auction clearance rate dropped to 49%, its worst result since Covid, the AFR reported citing Cotality initial numbers.
The legislation hasn’t passed, but many are clearly betting it will.
| ▼ | ASX All Ords | 8,871 | -0.16% |
| ▲ | ASX All Tech | 2,783 | +2.25% |
| ▲ | Oil | $109.30 | +3.35% |
| ▼ | Gold | $4,557 | -2.03% |
| ▼ | Bitcoin | $78,072 | -0.16% |
| ▲ | Ethereum | $2,184 | +0.16% |
ASX 200 as at market close. Bitcoin in USD.
Market movers
| ▼ | ASX:MIN | $64.77 | -7.68% |
Shares in Mineral Resources fell almost 8% on Friday after founder Chris Ellison sold 1.75 million shares worth $122.5 million in his first on-market disposal in nine years. The sale reduces his stake to 10.54%, and came as materials stocks were already under pressure from retreating copper and gold prices.
