By Jill Fraser for Lending Central

Veda Advantage’s quarterly Consumer Credit Demand Index, released last week, reveal that mortgage applications increased by 32% in the July to September quarter of 2009 compared with the same period last year, reflecting the highest quarterly increase in mortgage applications in the past five years of Veda Advantage records.

But speaking exclusively to Lending Central Russell Evans, Veda Advantage General Manager Market and Product Development cautions against getting too excited about this spike.

Flash numbers for October show a drop in the number of residential mortgage inquiries.

Year on year the September quarter showed a 32% growth following a June quarter of 28%. But Evans says that a preview of October numbers shows only a 15% growth.
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One in six Australians is already having problems repaying their debt even without the added burden of rising interest rates, a new survey has found.

The research, released by business information service Veda Advantage on Tuesday, also found that more than 20 per cent of people applying for credit during the next six months say they are having difficulty paying debts.

Nearly a quarter of those struggling to pay bills owe more than they did a year ago.

While the majority of families was managing credit responsibly and continuing to pay down debt obligations, a small but sizeable group was struggling, Veda Advantage general manager Russell Evans said.
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Applications by business for credit rose sharply in the second quarter as firms became more confident about the outlook for the local economy, a survey shows.

The Veda Advantage business credit demand index rose 22 per cent in the June quarter, from the March quarter.

Veda Advantage general manager Russell Evans said the result was a sign business credit demand is increasing, albeit slowly, as business starts to re-gain confidence.

“Our credit bureau data indicates some healthy signs, suggesting Australian businesses are starting to regain confidence and are now considering taking on a little more debt,” he said on Wednesday in a statement.
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