Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Credit application growth shows NZ economy picking up: Veda

Credit application growth shows NZ economy picking up, says Veda

Jan. 23 (BusinessDesk) – Mortgage applications rose nearly 20 percent in December from a year ago and people are also taking out more personal loans, in what personal credit rating agency Veda says proves the economy is recovering.

Veda sees 98 percent of all credit applications and says it sees evidence of a revitalised credit cycle and indicates New Zealanders are increasingly confident about the economy.

“We can talk ourselves out of feeling good or we can read the numbers – and I say the New Zealand economy is picking up and New Zealanders know it,” Veda managing director John Roberts said in a statement.

A 19.71 percent rise in mortgage applications in December from the same month a year ago reflected not only a strong housing market but also strong competition among banks, which have reduced fixed-term rates, in particular.

Credit card applications fell 4.53 percent in December from a year ago but personal loan applications rose 11.83 percent and hire purchase applications rose 8.79 percent.

Roberts attributed the switch to maturity in consumers.

Overall, consumer credit activity increased by 8.07 percent in December from the same month a year ago.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Rocket Lab: Launch Expected

Rocket Lab has delayed the roll out of the launch vehicle called Electron by one day, due to weather conditions. The planned launch attempt will now take place on Tuesday, May 23, 2017. More>>

ALSO:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: