Final quarter experiences a dip, despite overall increases for 2012
San Francisco, CA -- (SBWIRE) -- 02/01/2013 -- A recent credit report agency Veda's consumer credit demand index for the final month of 2012 expressed the year-on-year applications for personal loans was up 10% overall.
Veda's manager of consumer risk, Angus Luffman, stated that the nation had seen a rise in demand for personal loans, and that it had resulted in a large boost to the car market for the year.
"Personal loans are those that classify as financing to support motor vehicle purchases and obviously it's been... the strength of that market," he said.
"We've seen a continuation of a trend in relation to personal loans, but it's got stronger in this quarter.
"It's been linked to the Australian dollar's strength."
The use of personal loans include car finance, standard loans by financial institutions, and store credit.
The Federal Chamber of Automotive Industries' figures that were recently released expressed a record number of vehicles were sold in 2012. That constitutes a total of 1.11 million and a 10.3% increase from the 2011 fiscal year.
The rise in personal loan applications was highest in the Northern Territory where it rose by 14.3% overall. West Australia saw a rise of 13%, which was followed by a 12% rise in Tasmania. Victoria was not far behind with 11.8%, while a flat 11% rise was seen in South Australia. Queensland enjoyed only a modest 6.2% at the back of the pack.
Veda noted that the consumer credit demand experienced a 4% rise year-on-year; however, the nation's demand for credit cards appears to have softened in the final quarter of the 2012 fiscal year, as it fell by 1.6% year-on-year, despite a 11.9% increase within December.
The fall experienced in plastic applications in every state, including New-South Wales, and South Australia were at 1.5%, with Victoria at 2.3%, and Queensland at 2.5% overall.
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