Home Loan demands have reached a 4 year high, according to credit information provider Veda. Mortgage inquiries for 2013 have peaked at 15.3%. Inquiries for credit cards rose by 2.4% and personal loan inquiries at 1.4%.
In spite of interest in mortgage loans, those that availed increased only by 0.4% over that period. Angus Luffman, Veda’s Manager for Consumer Risk is convinced that the record low interest rates are not the deciding factor, as people are more cautious with the rise in unemployment. But despite all these, Veda remains optimistic that we will see these inquiries translate to more credit as soon as home affordability is addressed.
Read more about this on the Business Spectator website.