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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.

The major bank today (15 February) announced it will remove its Breakfree package in March and “simplify its home loan offerings”.

Macquarie Group has reported a record quarter on the back of improved market conditions.

The bank saw its net margins slide in the six months to December, despite gaining $1.2 billion in new home loans and a steady rise in broker originations.

A handful of banks have announced relief measures following bushfires in the state’s south, including home loan deferrals and moratoriums.

The major bank has yet to complete the quest to shrink its home loan assessment times, as competition and other pressures have affected its profitability.

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market.

The mortgage manager has announced leadership changes, including a new head of distribution.

The reveal of the executive role comes less than two months after the major bank’s chair pledged to address its extensive turnover times.