Westpac, National Australia Bank and ANZ Bank are ruling off their financial year as rising house prices and falling interest rates fuel quicker growth in the $2.3 trillion mortgage market, which analysts say should help banking giants rake in more revenue.

The three banks will close their books on the financial year on Tuesday, after a year in which falling interest rates have had a significant impact on Australia’s banking market. Their larger rival Commonwealth Bank, which uses a June financial year, reported its full-year results last month.

The Reserve Bank has made three 0.25 percentage point cuts to interest rates this year, sparking stronger growth in mortgages and business loans, while lower rates have also eased the financial squeeze on households, which is further good news

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