Mortgage demands outpace other forms of credit and reaches 3 year high

03 August 2013 - Which Way To Pay

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The housing market and mortgage demand is at its highest in three years

The housing market has experienced its biggest rise in mortgage demands in three years, outpacing other forms of credit and loans.

Mortgage applications surged by an annual rate of 6.9%

Veda, Australia’s leading credit provider, says mortgage applications surged by an annual rate of 6.9% in the June quarter, up from just 1.9% as of the March quarter. Angus Luffman, general manager of consumer risk, says mortgage and home loan enquiries are a good indicator of home buyer demand and lead movement’s in house prices by six to nine months.

"The increase in mortgage enquiries appears to suggest better housing market conditions, a good sign in light of the potential tests facing the Australian economy in the future," Mr Luffman said in a statement.

Hopes are high on the housing market as one industry to take up the slack as the mining investment boom fades

What has happened to other credit applications?

Personal loan applications declined to an annual rate of 6.3% from 10.3% and demand for credit cards remain at 1.3% growth annually. Mr Luffman said "The easing in personal loan applications suggests that consumers are reining in their spending due to concerns over the labour market and the fall in the Australian dollar raising the price of big items such as household appliances and imported cars.”

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