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Rising rates of construction industry insolvencies and cost of living pressures continue to place a heavy financial burden on sole traders and small business owners, who make up 97% of construction companies.
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Overall consumer credit applications down -21.9% (vs December quarter 2019)
Credit card applications reduced by -31.7% (vs December quarter 2019) Personal loan applications dropped -28.1% (vs December quarter 2019) Buy now pay later applications trending down -1.5% (vs December quarter 2019) Auto loan applications decreased by -2.8% (vs December quarter 2019)Mortgage applications increased by +19.3% (vs December quarter 2019).
Queensland hardest hit in first wave lockdown with 9 of top 10 Mortgage Deferral hotspots.
Equifax Quarterly Consumer Credit Demand Index: June 2020
Overall consumer credit applications down -38.8% (vs June quarter 2019) Credit card applications dropped significantly by -45.4% (vs June quarter 2019) Personal loan applications dropped -33.5% (vs June quarter 2019) Buy now pay later applications reduced -7.3% (vs June quarter 2019) Auto loan applications down -13.7% (vs June quarter 2019) Mortgage applications increased by +7.6% (vs June quarter 2019).
Equifax Quarterly Business Credit Demand Index: June 2020
Overall business credit applications down -7.53% (vs June quarter 2019) Business loan applications decreased by -4.11% (vs June quarter 2019) Trade credit applications fell -17.82% (vs June quarter 2019) Asset finance applications declined -6.72% (vs June quarter 2019).
Equifax has been monitoring the impact of government stimulus on commercial SME lending, as well as tracking trade payments to determine the impact of COVID-19.
Equifax Quarterly Consumer Credit Demand Index: Dec 2019
Overall consumer credit applications down -7.3% (vs Dec quarter 2018). Credit card applications declined by -9.9% (vs Dec quarter 2018) and personal loan applications dropped by -5.3% (vs Dec quarter 2018)
Mortgage enquiries increased by +12.6% (Vs Dec quarter 2018), continuing trend from previous quarter.
Equifax Quarterly Consumer Credit Demand Index: Sept 2019
Overall consumer credit applications down -9.87% (vs Sept quarter 2018)
Credit card applications declined by -12.41% (vs Sept quarter 2018) and personal loan applications dropped by -7.80% (vs Sept quarter 2018)
Mortgage enquiries increased by +2.01%, the first rise in nine consecutive quarters
Equifax Quarterly Business Credit Demand Index: Sept 2019
Overall business credit applications down -6.40% (vs Sept quarter 2018)
Growth in business loan applications up +3.34% (vs Sept quarter 2018), while trade credit applications fell -4.21% (vs Sept quarter 2018).
Asset finance applications declined -24.88% (vs September 2018).
Business Credit Demand Index by Equifax (June 2019 Quarter)
Overall business credit applications down -8.99% (vs June quarter 2018).
Growth in business loan applications up +0.90%, while trade credit applications fell -5.02% (vs June quarter 2018).
Asset finance applications decline -26.14% (vs June quarter 2018).
Consumer Credit Demand Index by Equifax (June 2019 Quarter)
Overall consumer credit applications down -5.9% (vs June quarter 2018), credit card applications declined by -10.4% (vs June quarter 2018) and personal loan applications also softened, by -2.0% (vs June quarter 2018).
Mortgage applications declined by -11.9% (vs June quarter 2018).
