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As Australia’s housing market begins to show clear signs of slowing, amid tightening conditions, Westpac economists are predicting a drop in house prices sooner than expected.

The financial services group has announced a new acquisition and secured a $31 million facility from a major bank to continue its “acquisition-led strategy”.

Fund manager Challenger has revealed it is exploring a joint venture, which would establish a new non-bank lender.

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The transaction will see hummgroup continue its commercial business pivot, shedding its BNPL, instalment and credit card operations to the non-bank. 

Mortgage Business has launched its annual survey for brokers to assess the performance of Australia’s mortgage lenders, which will provide both brokers and lenders with insights.

The governor of the Reserve Bank has defended the central bank’s cash rate forecasting, despite increasing expectations from market that a rate rise will come sooner than flagged.

The growth of Australia’s property market is expected to flatten within months before prices start to fall later this year, according to updated forecasts from Westpac.

While a “competitive backdrop” leached away at its profit margin, the group secured $2.1 billion in new home loans over the six months to December.