- Overall consumer credit demand grew +6.6% (vs September quarter 2014), Credit card applications slowed to +1.7% (vs September quarter 2014); Personal loan applications rose to +12.1% (vs September quarter 2014)
- Growth in mortgage applications eased to +9.0% (vs September quarter 2014)
The Veda Quarterly Consumer Credit Demand Index, measuring the volume of credit card and personal loan applications, started the new financial year with a 6.6% lift in consumer credit demand in the September quarter compared with the same period last year. Personal loan applications drove credit demand growth, with a 12.1% increase compared to the September quarter 2014, and a near doubling in the growth rate recorded in the June quarter 2015. However, credit card applications slowed dramatically, increasing only 1.7% for the September quarter 2015, compared to 13.8% for the June quarter 2015. The Veda Quarterly Consumer Credit Demand Index provides an early indication of movements in consumer spending and retail sales.
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