Australian Risk Climate: Consumer credit demand strengthens as personal loan applications surge

Veda Quarterly Consumer Credit Demand Index (December 2016 Quarter)

Overall consumer credit applications are up +7.7% (vs December quarter 2015)
Credit card applications rose +3.0% (vs December quarter 2015)
Increase in personal loan applications grew +12.4% (vs December quarter 2015)
Mortgage applications rose +6.6% (vs December quarter 2015)

Growth in the Index was stronger than expected in the December quarter, even in geographies currently experiencing economic downturns, such as Western Australia and the Northern Territory.

Released recently by Veda, Australia and New Zealand’s leading provider of consumer and commercial data and insights and a wholly-owned subsidiary of Equifax, the Veda Quarterly Consumer Credit Demand Index also provides a timely indication of movements in consumer spending and retail sales for 2017.

The strong results were driven largely by activity in personal loan applications, with growth predominantly coming from products offered by new entrants in the personal lending space, beyond traditional credit card and auto finance markets.

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To download the infographic click here: VED610_CCDI-Infographic-Dec2016_V2