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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news